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Self Employment Income Support - Your Questions Answered

31st March 2020

CORONAVIRUS SELF-EMPLOYMENT INCOME SUPPORT SCHEME 

Your Questions Answered





Who qualifies for the scheme?


The scheme will be open to those with a trading profit of less than £50,000 in 2018-19, or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19.



Can installers apply?


Yes, as long as you meet the criteria above.



How much will I get?


Installers can apply for a grant worth 80% of their average monthly profits to help them cope with the financial impact of coronavirus.  This is up to a maximum of £2,500 per month.



How long will the scheme run for?


It is anticipated that the scheme will initially run for three months from June 2020 through to the end of August 2020.



Will it be extended beyond August 2020?


That is impossible to say at the moment. It all depends on how long the coronavirus lockdown lasts for.



I’ve been trading for less than a year, do I qualify?


Unfortunately, no. You must have a trading history of more than one year.



How do I apply?


HM Revenue and Customs (HMRC) will use existing information to identify those eligible and will invite applications to the scheme.



Should I contact HMRC?


No, HMRC are insistent that they will be in contact if you are eligible.



How will I get paid?


The government will pay the money straight into your bank account.



Will the payments be monthly?


No, the payment will be one lump sum.



Do I have to repay the money?


No. It is a grant not a loan and does not have to be repaid.



I employ a number of workers and apprentices to help me – do they qualify for the scheme?


No, your employees are covered by the Coronavirus Job Retention Scheme announced by the Chancellor last week.



I have a large VAT bill due, what should I do?


VAT payments due in April, May or June this year have been deferred until 31 March 2021.



I have a large income tax payment due, what should I do?


For Income Tax Self-Assessment, payments due on the 31 July 2020 may be deferred until 31 January 2021.



Where can I find out more information?


You can find more information about the scheme at the following address:https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme


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