The UK Government’s Self-Employed Income Support Scheme has opened for applications today and will run until May 18th.
The scheme allows 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 might be extended. If it is, I will update this website with the latest information. Labour are pushing for it to be extended in line with the Job Retention Scheme until October.
To receive your application date, you will need to add your details to HMRC’s online checker. The checker will let you know if you are eligible for the scheme, and what date you can apply. Read our advice using the checker and preparing to make your claim.
After receiving the grant you can continue to work, start a new trade or take on other employment – including voluntary work.
The grant does not need to be repaid but will be subject to Income Tax and self-employed National Insurance.
There is other support available on the UK Government website if you’re not eligible for the grant. There also links to support from Welsh Government on this website in the Coronavirus advice hub section.
After you’ve applied, HMRC will work out if you’re eligible and how much grant you may get. The UK Government have said grants will be paid into bank accounts 6 days after your successful application.
The UK Government website contains more detailed guidance on who may be eligible for the grant and how much you are likely to receive.
BECTU have also put together a useful guide to the SEISS with some common Q+As. You can read that by clicking here.
The Musicians’ Union have also published similar guidance which you can access here.