Major package of support for the self-employed affected by the Coronavirus outbreak.

The Chancellor has announced a major package of support for self-employed individuals

The Chancellor announced a major package of support for the self-employed:

How do I claim the help?

HM Revenue and Customs (HMRC) will use existing information to identify those eligible and will invite applications
The application will require them to confirm that they meet the eligibility requirements
It will be paid straight into a bank account, which eligible taxpayers will need to confirm on their application form
People do not need to contact HMRC now, if they are eligible HMRC will contact them directly
The scheme will pay 80% of average monthly profits over the last three years, up to £2,500 a month, for three months initially
The money, backdated till March, will arrive directly into people's banks accounts from HMRC as a lump sum for all three months, but not until June
The grants will be taxable, and will need to be declared on tax returns by January 2022
At least half your income needs to have come from self-employment as registered on the 2019-20 tax return filed in January, or averaged over the three previous years
Company owners who pay themselves a dividend are not covered