HMRC have updated their guidance to confirm that they will aim to contact all those who are eligible for Self Employment income support by mid May and invite them to make a claim with payments made by early June 2020.

As yet there has been no update for those of you who became self employed during 2019/20 and therefore may not currently meet the criteria for Self Employment Income.

Just to recap, you may be eligible for the Self Employment Income Support Scheme if you’re a self-employed individual or a member of a partnership and you:

• have submitted your Self Assessment tax return for the tax year 2018 to 2019
• traded in the tax year 2019 to 2020
• are trading when you apply, or would be except for coronavirus
• intend to continue to trade in the tax year 2020 to 2021
• have lost trading profits due to coronavirus

You will need to confirm to HMRC that your business has been adversely affected by coronavirus. HMRC will as usual use a risk based approach to compliance.

Your trading profits must also be no more than £50,000 and more than half of your total income for either:

• the tax year 2018 to 2019
• the average of the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019

Full details of the scheme can be found by following this link

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