Questions and Answers
How much will I get from the Self-employment Income Support Scheme?
You will get a taxable grant based on your average trading profit over the three 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 from all self-employments and partnerships for the three tax years, then we will divide by three.
The Self-employment Income Support Scheme grant will be 80% of your average monthly trading profits, paid out in a single instalment covering three months, and capped at £7,500 altogether. HMRC advises payments will be made six working days from making the claim. The online service will tell you how we’ve worked the grant out.
Please follow this link to see how HMRC will work out your average trading profits including if you have not traded for all three years.
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We will be updating it regularly as we continue to monitor and digest all the latest information
Date published 12 May 2020 | Last updated 12 May 2020
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
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