If you’re self-employed you can now claim for up to £7,500 in lost earnings - here’s how

As the coronavirus pandemic continues in the UK, many people have found themselves affected in a multitude of ways - including self-employed workers. If you’re a self-employed worker, you could be eligible to claim up to £7,500 from the government as part of a new scheme. This is everything you need to know. What’s the scheme? The government fund is called the Self-Employment Income Support Scheme and is designed for those who are self-employed, or a member of a partnership that has been adversely affected by the ongoing coronavirus pandemic. It allows you to claim a taxable grant of 80 per cent of your average monthly trading profits, which is paid out in a single instalment, covering three months, and is capped at £7,500 altogether. The government website states that this is a “temporary scheme, but it may be extended”. Who can claim the grant? You can claim the money if you’re a self employed individual or a member of a partnership and all of the following apply: Ways your business could be adversely affected by coronavirus can include: The grant should not be claimed if you are a limited company or operating a trade through a trust. Grants under this scheme are not counted as “access to public funds”, therefore you are able to claim the money on all categories of work visa. You can check if you’re eligible to claim online here. You’ll need: What do I do if I am eligible? If you are deemed eligible for the scheme, you’ll be told when you can make your claim from, and advised to add your contact details to the online form. In some instances, you might be able to make a claim straight away. To make a claim straight away, you’ll need: You’ll also need to be able to confirm to HMRC that your business has been badly affected by the coronavirus. You can make your claim online here. Be aware that the website is currently experiencing high levels of demand, so therefore might not load properly for some users. If you find this happening, you’ll need to try the site at another time. What happens after I claim? After you’ve made your claim, it will be reviewed and paid into your bank account in the next six working days. You’ll be alerted via email when the payment is on its way. If you think the amount you’ve been paid is wrong, you can ask HMRC to review your grant amount. You’ll need: You can ask the HMRC to do this review by clicking here. What if the website says I’m not eligible? The government uses the information you or your tax agent or advisor sent them on your Self Assessment tax returns to work out your eligibility. If you think you’re eligible, even if the website says you’re not, you can ask the HMRC to review your eligibility. Otherwise, you might be eligible for other means of governmental financial support, such as: You can read more about these schemes on the government website here.