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Can you claim a grant through the Self-Employment Income Support Scheme?

May 3, 2020 \\ Latest news \\ Tax

If you're self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) find out if you can use this scheme to claim a grant. The scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. This is a temporary scheme, but it may be extended.

If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist. The grant will be subject to Income Tax and self-employed National Insurance.

There is other support available if you’re not eligible for the grant. HMRC will work out your eligibility and how much grant you may get, but you can follow these steps to help you understand how HMRC will do this.