You can use this scheme if you’re self employed or a member of a partnership and have lost income due to coronavirus.
The scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. The scheme may be extended if needed.
How much you’ll get
If eligible, you will get a taxable grant which will be 80% of the average profits from the last three tax years (where applicable):
To work out the average HMRC will add together the total trading profit for the 3 tax years (where applicable) then divide by 3 (where applicable) and use this to calculate a monthly amount.
It will be up to a maximum of £2,500 per month for 3 months.
How to apply
You cannot apply for this scheme yet, HMRC will contact you if you are eligible for the scheme and invite you to apply online.
Please do not contact HMRC now as by doing so will only delay the urgent work being undertaken to introduce the scheme.
For all the information about this funding scheme please follow the link below: