Sarah Bradford explains the help available to the self-employed through the self-employment income support scheme.
The government has put in place a number of measures, encompassing both grants and loans, to help individuals and businesses affected by the Covid-19 pandemic.
As far as the self-employed are concerned, grants are available for eligible traders under the self-employment income support scheme (SEISS). Claims under the scheme made can be from 13 May 2020 onwards.
Nature of the scheme
The scheme provides a taxable grant to self-employed taxpayers whose business has been adversely affected by the Covid-19 pandemic. The grant is based on 80% average monthly profits (calculated by reference to profits over the three tax years to 5 April 2019) for a period of three months, capped at a maximum of £,