Swindon & Wiltshire Business News

HMRC coronavirus income support scheme for self-employed opens this week

HMRC's coronavirus income support scheme for the UK's 3.5 million self-employed workers opens this week.

Eligible workers are able to register for the scheme online and will be able to claim from Thursday, May 14.

HMRC says payments will reach bank accounts by May 25, or six working days after the claim is made – ahead of the original delivery date of 'early June'.

The scheme was established to help self-employed sole traders or those in a partnership whose business has been adversely affected by coronavirus.

To qualify for support, individuals need to earn at least half of their income through self-employment, and have annual trading profits of no more than £50,000.

They must have traded in the 2018-19 tax year and submitted their self-assessment tax return for that year on or before April 23 2020.

People who meet these criteria will be able to claim a taxable grant worth 80 percent of their average trading profits up to a maximum of £7,500 which will be paid in one single instalment.

The scheme was announced chancellor of the exchequer Rishi Sunak on March 26, a week after he announced the government would pay up to 80 percent of the wages of furloughed employees.