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<p>The new Self-Employment Income Support Scheme (SEISS) helps those adversely affected
by COVID-19. The scheme allows eligible individuals to claim a taxable grant worth
80 per cent of their average monthly trading profits, paid out in a single instalment
covering three months, and capped at £7,500 in total. Self-employed individuals, including
members of partnerships, are eligible if they have submitted their Income Tax Self
Assessment tax return for the tax year 2018-19, continued to trade, and have been
adversely affected by COVID-19. To qualify, their self-employed trading profits must
be less than £50,000, with more than half of their income from self-employment. Some
95 per cent of people who receive the majority of their income from self-employment
could benefit from this scheme. The Chancellor will keep the scheme under review.</p><p>
</p><p>Individuals may have access to a range of grants and loans depending on their
circumstances, and the self-employed can benefit from the Government’s relaxation
of the earnings rules (known as the Minimum Income Floor) in Universal Credit. The
SEISS supplements the significant support already announced for UK businesses, including
the Bounce Back Loan Scheme for small businesses, the Coronavirus Business Interruption
Loan Scheme, and the deferral of tax payments. More information about the full range
of business support measures is available at <a href="http://www.gov.uk/government/collections/financial-support-for-businesses-during-coronavirus-covid-19"
target="_blank">www.gov.uk/government/collections/financial-support-for-businesses-during-coronavirus-covid-19</a>.</p><p>
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