This scheme will provide a taxable grant worth 80% of your trading profits, up to £2,500 per month for the next 3 months.
The scheme is available to those with a trading profit less than £50,000 in 2018-19. Or, an average trading profit of less than £50,000 for the last 3 tax years.
Can I benefit?
You can get support if you're self-employed (including members of partnerships) and have lost income due to coronavirus. Trading profits must be less than £50,000 and make up more than half of your income from self-employment.
The scheme is initially available for 3 months in one lump sum payment. HMRC will begin payments at the beginning of June.
Visit the government website to see how your trading profits and eligibility are determined.
How do I access the scheme?
You do not need to do anything. HMRC will contact you if you are eligible for the scheme and invite you to apply online.
If you pay yourself a salary and dividends through your own company, you won't be covered by the scheme. You can access the Coronavirus Job Retention scheme which covers 80% of your salary, if operating through PAYE.