Support for business

Self employed

Those who are self-employed or a member of a partnership and have been adversely affected by COVID-19 can claim a grant through the Self-Employment Income Support Scheme.

Self-employed people can claim a taxable grant of 80% of their average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether.

This scheme is open to those who are already self-employed and have a self-assessment tax return for 2019. It applies to those with trading profits up to £50,000 a year. This is a temporary scheme, but it may be extended.

Further information can be found on the government's Business Support web page.  

Income tax payments

Income tax payments due on the 31 July 2020 will be deferred without penalty or late payment interest until the 31 January 2021. This is applied automatically and businesses do not need to apply.

Employment and support allowance

If you are self-employed or earning below the Lower Earnings Limit of £118 per week - and you have COVID-19 or are advised to stay at home, you can make a claim for Universal Credit or new style Employment and Support Allowance. If you are eligible for new style Employment and Support Allowance, it will now be payable from day 1 of sickness, rather than day 8, if you have COVID-19 or are advised to stay at home.

If required you can access advance payments upfront without needing to attend a jobcentre, nor is there a need to attend a jobcentre to demonstrate gainful self-employment.

Self- Employed Income Support Scheme

The Self-Emplyed Income Support Scheme is available as of 4th May 2020. It's a taxable grant worth 80% of trading profits up to a maximum of £2,500 per month. Those who are self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) can find out if they can use this scheme to claim a grant on the Governement's Self-Employed Income Support Scheme web page.

Second stage of Self Employment Income Support Scheme (SEISS) open for applications 

Self-employed businesses adversely affected by coronavirus since 14 July can apply for the scheme. The eligibility criteria remains the same as for the first grant, with people needing to have had trading profits of no more than £50,000, making up at least half of their total income. Those who meet the eligibility criteria will now be able to receive a second and final grant worth 70% of their average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £6,570 in total. Claims for the second grant must be made on or before 19 October 2020.

Guidance on how the grant works and how to claim can be found on the Government's website.

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