HM Treasury has announced that the Self-Employment Income Support Scheme (SEISS) opened on 13 May:
- those eligible will receive government grant worth up to £7,500
- money expected to be in bank accounts by 25 May, or within six days of a completed claim.
Individuals are eligible if their business has been adversely affected by Coronavirus, they traded in the tax year 2019 to 2020, intend to continue trading, and they:
- earn at least half of their income through self-employment
- have trading profits of no more than £50,000 per year
- traded in the tax year 2018 to 2019 and submitted their Self Assessment tax return on or before 23 April 2020 for that year
HMRC calculate the amount to be paid to each eligible claimant based on an average of the tax returns for 2016/17, 2017/18 and 2018/19.