This page will included older information on superceded support for businesses
Check if you can claim a grant through the Self-Employment Income Support Scheme
***HMRC Eligibility Portal now open***
If you're self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) find out if you can use this scheme to claim a grant.
The portal to make your claim will be live from 13th May 2020 - payments could be made as early as 20th May 2020 - so check your eligibility now.
The scheme will allow 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 may be extended. If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist.
The grant will be subject to Income Tax and self-employed National Insurance.
HMRC will work out if you’re eligible and how much grant you may get. But you can follow these steps to help you understand how we will do this and what you can do now.
Who can claim
You can claim if you’re a self-employed individual or a member of a partnership and:
you traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
you traded in the tax year 2019 to 2020
you intend to continue to trade in the tax year 2020 to 2021
you carry on a trade which has been adversely affected by coronavirus
Check if you’re eligible to claim
You can use the HMRC online tool to find out if you’re eligible to make a claim. We can can also use the online tool on your behalf.
You’ll need your:
Self Assessment Unique Taxpayer Reference (UTR) number - if you do not have this find out how to get your lost UTR number
National Insurance number - if you do not have this find out how to get your lost National Insurance number
How much you’ll get
You’ll get a taxable grant based on your average trading profit over the 3 tax years:
2016 to 2017
2017 to 2018
2018 to 2019
HMRC will work out your average trading profit by adding together your total trading profits or losses for the 3 tax years, HMRC will then divide that by 3.
The grant will be 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. The online service will tell you how HMRC worked the grant out.
The grant amount worked out for you will be paid directly into your bank account, in one instalment.
Find out how we will work out your average trading profits including if you have not traded for all 3 years.
How to claim
The online service will be available from 13 May 2020. If you’re eligible, HMRC will tell you the date you can make your claim from. If your claim is approved you’ll receive your payment within 6 working days.
If you’re unable to claim online an alternative way to claim will be available. We will update this page with more information soon.
You do not need to contact HMRC now, as this will only delay the urgent work being undertaken to introduce the scheme.
Additional Financial Support for Business - up to £50K 100% Government secured loans
Apply for a coronavirus Bounce Back Loan
This scheme helps small and medium-sized businesses affected by coronavirus (COVID-19) to access loans of up to £50,000.
The Bounce Back Loan scheme helps small and medium-sized businesses to borrow between £2,000 and £50,000.
The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
The scheme will be delivered through a network of accredited lenders.
You can apply for a loan if your business:
is based in the UK
has been negatively affected by coronavirus
Who cannot apply
The following businesses are not eligible to apply:
banks, insurers and reinsurers (but not insurance brokers)
state-funded primary and secondary schools
If you’re already claiming funding
You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).
If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.
How to apply
The full rules of the scheme and guidance on how to apply is available on the British Business Bank website. Apply now