Self-employed people will have access to a taxable grant to cover 80 per cent of profits up to £2.5k a month for three months. Here are the details:

  • Will be available from the beginning of June and will be paid as a lump sum to cover the past three months (backdated to March).
  • Will be based on your last three years of accounts (or one or two if you’ve been trading for less).
  • HMRC will contact those eligible.
  • Will be extended if necessary.
  • You can continue to do business.
  • Open to those with trading profits of up to £50k.
  • Only be available to those who earn the majority of their income from self-employment.
  • Only available to those who are in self-employment now and who submitted a tax return for 18/19.
  • Self-employed people can access Universal Credit if they have a ‘non-working partner’.
  • Self-employed can access the Interruption Loan to bridge the gap between now and June.
  • Late filers will have four weeks from now to file so they can benefit from this.
  • As announced before, those who’d normally pay self-assessment in July now have up to January next year to do this.