The Government has launched a tool for self-employed to find out if they're eligible for financial help.
Workers registered as self-employed will be able to apply for loans up to £7,500 under a scheme designed to help people through the pandemic.
HM Revenues and Customs (HMRC) is preparing to contact around three and a half million people who may be eligible for the Self-Employment Income Support Scheme.
Claims can be formally filed from May 13, with payouts due on May 25 or six working days after the application is submitted.
You're eligible if your business has been adversely affected by coronavirus, you traded in 2019-20 and you intend to continue trading.
Applicants will also need to meet the following criteria:
- Earn at least half of their income through self-employment
- Have trading profits of no more than £50,000 per year
- Traded in the tax year 2018 to 2019 and submitted their Self Assessment tax return on or before 23 April 2020 for that year.
The temporary scheme that will enable those eligible to claim a taxable grant worth 80% of their average trading profits up to a maximum of £7,500 (equivalent to three months’ profits) in a single instalment.
HMRC have warned they expect phone helplines to be very busy ahead of the launch so are asking self-employed people to begin checking whether or not they are eligible.
An online tool has been launched - which you can access by clicking here - to help with the process.
