What you need to know about the Self-Employed Income Support Scheme

In recent days, the Government launched the Self-Employed Income Support Scheme, which allows those who are self-employed, or a member of a partnership to apply for a Government grant during the COVID-19 pandemic. 

The scheme allows eligible individuals to claim a taxable grant worth 80% of their trading profits up to a maximum amount of £7,500. 

At Makinson & Co, our role is to make this as easy as possible for you, so we will do all the legwork. However, we have popped below how the process works, because our role is to advise our clients on their eligibility and ensuring you understand the criteria and the process for checking and claiming.  

How do I know if I am eligible? 

You can check your eligibility on the Governments website which we have provided you with a link to. 

You will need the following to check your eligibility: Your Self-Assessment Unique Taxpayer Reference number, also known as a UTR and your National Insurance number. 

You can check your eligibility here.

What will we do? 

We will be contacting all our clients, talking you through the following aspects of the Self-Employed Income Support Scheme. 

  • Why you may or may not be eligible for the scheme
  • Help you find your details
  • Either help you check your eligibility or doing this for you. 

Can I get support if I am ineligible for the scheme? 

The Government have pulled out all the stops to ensure there is something to help those who are self-employed during these tough times. 

If you are ineligible for the Self-Employment Income Support Scheme, you may be able to get support from one of the following services or initiatives.

You may be able to: 

– Delay VAT payments

– Delay their Self Assessment payment on account

– Arrange to pay their Self Assessment tax bill in instalments

– Receive payment from the Small Business Grant Fund

– Get a loan from the Business Interruption Loan Scheme or Bounce Back

 Loan

– Get Universal Credit

– Apply for Employment and Support Allowance (ESA) apply for Child Benefit.

When will I know about my eligibility or what I am entitled to? 

The Government will be evaluating cases from the 18th May 2020 and will explain your eligibility by the end of May 2020.  

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