This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed. You can apply if you’re a self-employed individual or a member of a partnership and you:
- have submitted your Income Tax Self Assessment tax return for the tax year 2018 to 2019
- traded in the tax year 2019 to 2020
- are trading when you apply, or would be except for COVID-19
- intend to continue to trade in the tax year 2020 to 2021
- have lost trading/partnership trading profits due to COVID-19
- your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment.
If you’re self-employed, Income Tax payments due in July 2020 under the Self-Assessment system can be deferred to January 2021.
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.