Financial assistance measures for Self-Employed individuals have been announced, although the assistance is unlikely to be available until June. Here is a link to the UK Government's Self-Employment Income Support Scheme website: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme
If you are Self-Employed, or a Member of a Partnership, and you have lost income due to coronavirus, you may be able to make a claim for a Grant worth 80% of your 'trading' profits up to a maximum of £2,500 per month for three months. This period may be extended if required.
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 2018-19.
* Traded in the tax year 2019-20.
* Are trading when you apply, or would be except for COVID-19.
* Intend to continue to trade in the tax year 2020-21.
* Have lost trading/Partnership trading profits due to COVID-19.
To be eligible to apply, your Self-employed trading profits must also be less than £50,000 and more than half of your income must come from Self-employment. This is determined by at least one of the following conditions being true:
* Having trading profits/Partnership trading profits in 2018-19 of less than £50,000 and these profits constitute more than half of your total taxable income.
* Having average trading profits in 2016-17, 2017-18, and 2018-19 of less than £50,000 and these profits constitute more than half of your average taxable income in the same period.
If you started trading between 2016-19, HMRC will only use those years for which you filed a Self-Assessment Tax Return.
If your application is successful, you’ll get a taxable grant which will be 80% of the average profits from the tax years (where applicable):
2016 to 2017
2017 to 2018
2018 to 2019
To work out the average HMRC will add together the total trading profit for these three tax years (where applicable) then divide by three (where applicable), and use this to calculate a monthly amount.
It will be up to a maximum of £2,500 per month for three months.
You cannot apply for this Scheme yet. HMRC will identify eligible taxpayers and contact them directly, inviting them to apply. You do not need to contact HMRC.