Support for the self-employed
REMEMBER THAT THE BELOW DOES NOT APPLY TO DIRECTORS OF LIMITED COMPANIES; THEY ARE NORMALLY EMPLOYEES, NOT SELF-EMPLOYED.
What support is there?
The Government announced on 26th March the ‘Self-employment Income Support Scheme’ or SEISS.
The scheme aims to be similar to the Job Retention Scheme in the amount that it grants.
This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months.
The payment will be made in one instalment, and those are likely to start only in June 2020.
Am I eligible?
Remember, this only applies if you are self-employed and not if you are employed by your own limited company (if you are employed by your own limited company, see instead the ‘Job Retention Scheme’.
If you are self-employed, there are further conditions, which can be found here.