Income Support Scheme
This grant is available to sole traders who have been registered since at least the tax year 2018/19 tax year for self-employment and submitted tax returns with over 50% of their overall income from self-employment.
This Grant eligibility is based on the last 3 years' average profits. The first grant and second grants have already been paid out to eligible self-employed individuals; however, if you didn’t apply, you can still apply for the future grants as long as you qualify and your business has been affected by Coronavirus.
The 4th & 5th Grants will be available and means any new self-employed individuals can now claim.
If you have employees and are a sole trader, please note that the government has now extended the Job Retention Scheme to Self Employed Employees up until March 2021
Grant will payout 80% of the average trading profits capped at a maximum of £7500
These grants are subject to tax and NIC contributions via your annual tax return submissions.
The Self-Employed Income support scheme will continue until September 2021
Must be trading at least in 2019/20
Government Link to apply