HMRC COVID-19 update: Self-employment Income Support Scheme

The Chancellor announced a new Self-employment Income Support Scheme to support self-employed people who have been adversely affected by COVID-19.

GOV.UK has further details about who is eligible for the scheme and how it will work.

Self-employed people do not need to get in touch with HMRC as the scheme isn’t yet open for applications. HMRC will contact eligible customers by the beginning of June, inviting them to apply.

Unfortunately, we are aware of an increase in scam emails, calls and texts. If someone gets in touch claiming to be from HMRC, saying that financial help can be claimed or that a tax refund is owed, and asks you to click on a link or to give information such as your name, credit card or bank details, please do not respond.

HMRC will never contact you out of the blue to ask for these details.

The government has also introduced the following help for the self-employed:

• Deferral of Self Assessment Income Tax payments due in July 2020 and VAT payments due from 20 March 2020 until 3?0?? June 2020
• Grants for businesses that pay little or no business rates
• Increased amounts of Universal Credit
• Business Interruption Loan Scheme
• Directors of their own company paid through PAYE, may be able to get support using the Job Retention Scheme.

Be Scam Alert

WISE16 encourages everyone to be vigilant with the increasing number of scams related to coronavirus covid-19 and HMRC or any other scheme promising money. If it’s too good to be true, it’s probably not true.

The information on this post was updated on 26-03-2020