The much-anticipated support for self-employed individuals has now been outlined by the government. Here is what we know so far about the Self-employment Income Support Scheme (SEISS):
SEISS will support self-employed individuals whose income has been negatively impacted by COVID-19.
The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.
HMRC will use the average profits from tax returns in 2016-17, 2017-18 (if applicable) and 2018-19 (mandatory) to calculate the size of the grant.
The scheme will be open to those where the majority of their income comes from self-employment and who have profits of less than £50,000.
The scheme will be open for an initial three months with people able to make their first claim by the beginning of June.
To be eligible for the scheme you must meet ALL of the criteria below:
We expect further details in the coming days so please follow our social media accounts for the latest government announcements.