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Coronavirus Self-Employed Income Support Scheme

On 26th March the government announced its proposal for supporting the self-employed during the Coronavirus pandemic. They are introducing a Self-Employed Income Support Scheme.

The government will pay self-employed people - who are eligible for the scheme - a taxable grant worth 80% of their average monthly profits over the last three years, up to £2,500 a month.

Where someone has not been in self-employment that long a shorter period will be used.

This scheme will be open for at least three months although could be extended if necessary. Initially the payments were not due until early June, but HMRC announced on 4th May that the scheme would be open on 13th May with payments made by 25th May.

Those entitled will receive a taxable lump sum to cover March, April and May.

Please contact our office if you would like further information.

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