Andrew Dismore

Self-Employment Income Support Scheme

If your business has been affected by coronavirus you might be able to get money from the government.

You could get 80% of your average profits up to a maximum of £2,500 per month from the government.

If you’re eligible, you can get money to cover lost income for 3 months. You have until 13 July 2020 to apply.

If your business is still affected by coronavirus in August, you’ll be able to apply to the scheme again. You’ll be able to apply even if you didn’t apply for a first payment.

You won’t have to pay the money back, but you’ll have to pay tax on it.

Who can apply?

You can use the scheme if you’re self-employed or a member of a partnership. Your self-employed profits must not be more than £50,000 per year and they must make up at least half of your total income. The government will look at your tax returns to see if you’re eligible – if you’re not sure you can check the rules on GOV.UK.

You’ll also have to:

• have been affected by coronavirus – you won’t need to give evidence of this when you apply
• have submitted your tax return for at least 1 of these tax years: 2016-17, 2017-18 or 2018-19
• have earned self-employed income in the tax years 2018-19 and 2019-20
• be planning to trade in the tax year 2020-21

How can I apply?

You can apply for the scheme on GOV.UK. https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme

If you can’t apply online, you can check how to contact HMRC for help on GOV.UK.

If HMRC accept your application, they say they’ll pay you within 6 working days. If you need money while you’re waiting, you can check what benefits you can get.

You’re allowed to keep working and still get money from the scheme. You can also get another job as an employee somewhere else. But you should remember:

• you’re only eligible for the scheme if you plan to continue trading in this tax year – you might have to pay the money back if you apply and then stop trading
• the money you get from the scheme is taxable income, so you might end up paying more tax

You have until 13 July 2020 to apply.

If you have any related general queries on doing business in Camden please direct them to the economic development team at economicdevelopment@camden.gov.uk