On 26 March, the Chancellor announced a world-leading scheme to support the UK’s self-employed, affected by the COVID-19 outbreak. The Self-employment Income Support Scheme will support self-employed individuals, including members of partnerships, 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.
All businesses and self-employed people in financial distress and with outstanding tax liabilities may be eligible to receive support with their tax affairs through HMRC’s ‘Time To Pay’ service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. If self-employed people have missed - or are worried about missing - their next tax payment due to COVID-19, they can call the HMRC helpline for advice on 0800 024 1222.
All details of Government support for businesses during the COVID-19 outbreak can be found on the dedicated business support webpage at gov.uk.