Our CEO, Chris Bailey has taken part in another COVID-19 Q&A episode to answer some of your most asked questions from this week.
In this instalment Chris discusses the Coronavirus Self Employed Income Support Scheme, the Bounce Back Loan and Furlough.
Self Employed Income Support Scheme
From 8am last Monday those eligible for the self-employed income support scheme can now apply for a grant.
The government have introduced the self-employed income support scheme to allow individuals to claim a taxable grant of 80% of their average monthly trading profits. This will be a single instalment and will cover a 3-month period with a cap of £7,500.
This payment is expected by May 25th or within 6 working days of each claim.
Applicants will be given a specific date and time slot on which to make their claim. This will be based on the individuals Unique Tax Reference number and this can be checked on HMRC’s online checker.
HMRC have released an online tool to help you find out if your eligible to make a claim for the Coronavirus Self Employed Income Scheme. Click below to see if you are eligible.
All you need is your:
- Self- Assessment Unique Taxayer Refrence (UTR) number
- National Insurance Number
Click here to check if your eligible for the claim.
Furlough Scheme Extended
This week Chancellor of the Exchequer, Rishi Sunak, extended the Government Furlough scheme until October 2020. The scheme was introduced on 1st March 2020 to support employers whose operations have been dramatically affected by COVID-19.
Currently there are around 7.5 million individuals rolled onto the scheme which sees the government paying 80% of employees wages up to £2,500 a month.
Click here to read more on the Self Employed Income Support Scheme.
Join us next Thursday for another Q&A session with Chris.
If you have any questions on what Chris discussed in his Q&A or if you would like any help or support on finding other options that are available for you, please contact your local office or click here to send us an email.