The new Self-employment Income Support Scheme – a message from the government

The Chancellor has announced more about the new Self-employment Income Support Scheme to support self-employed people who have been adversely affected by COVID-19.

Self-employed people do not need to get in touch with HMRC as the scheme isn’t yet open for applications. HMRC will contact eligible customers by the beginning of June, inviting them to apply.

Unfortunately, there has also been an increase in scam emails, calls and texts relating to this. If someone gets in touch claiming to be from HMRC, saying that financial help can be claimed or that a tax refund is owed, and asks you to click on a link or to give information such as your name, credit card or bank details, please do not respond – HMRC will never contact you out of the blue to ask for these details.

The government has introduced the following help for the self-employed:

  • Deferral of Self Assessment Income Tax payments due in July 2020 and VAT payments due from 20 March 2020 until 30 June 2020
  • Grants for businesses that pay little or no business rates
  • Increased amounts of Universal Credit
  • Business Interruption Loan Scheme
  • Directors of their own company paid through PAYE, may be able to get support using the Job Retention Scheme.

We will continue to share the most up to date information directly with you as it becomes available.

Millhouses Accountancy