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<p>The Chancellor of the Exchequer announced new support for the self-employed on
26 March 2020.</p><p> </p><p>The new Self-Employed Income Support Scheme will help
those with lost trading profits due to COVID-19. It will allow eligible individuals
to claim a taxable grant worth 80% of their trading profits up to a maximum of £2,500
per month for the next 3 months. This may be extended if needed and is one of the
most generous self-employed support schemes in the world.</p><p> </p><p>To qualify,
an individual’s self-employed trading profits must be less than £50,000 and more than
half of their income must come from self-employment. Some 95% of people who receive
most of their income from self-employment will benefit from this Scheme.</p><p> </p><p>HM
Revenue & Customs will contact individuals if they are eligible and will invite
them to apply online using a simple form. HMRC are working on this urgently and expect
people to be able to access the Scheme no later than the beginning of June.</p><p>
</p><p>More information about the Scheme, including the full eligibility criteria
and how to claim, is available at <a href="http://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme"
target="_blank">www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme</a></p><p>
</p><p>The Scheme supplements the significant support already announced for UK businesses
and employees, including the Coronavirus Business Interruption Loan Scheme, the Coronavirus
Job Retention Scheme, and deferral of tax payments.</p><p> </p><p>More information
about the full range of business support measures is available at <a href="http://www.businesssupport.gov.uk/coronavirus-business-support/"
target="_blank">www.businesssupport.gov.uk/coronavirus-business-support/</a>.</p><p>
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