COVID-19: GRANTS FOR CIS & SELF-EMPLOYED WORKERS
Mar 30, 2020
The Chancellor last week announced a package of measures to help the self-employed during the COVID-19 pandemic.
CIS workers are classed as self-employed, so are covered by the scheme and eligible for a grant of up to £2,500 per month.
To be eligible, you must have submitted your 2018/19 tax return which was due in January. If you haven’t yet submitted it, get in touch ASAP to use our quick and simple tax return service and we’ll ensure it is done correctly and compliantly without delay – 01244 684700.
How does the grant work?
- The grant is part of a package called the Self-employment Income Support Scheme (SEISS).
- It allows you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next three months.
- It’s available to those with self-employed trading profits of less than £50,000 earning more than half of their income from self-employment.
- The grant will be paid in June and back-dated to March and the scheme will be extended if necessary.
- The scheme doesn’t affect your ability to trade – you can continue to earn and still be eligible.
Who is eligible?
Self-employed people (which includes CIS workers) who have submitted a self-assessment tax return for 2018/19, traded in the current tax year (2019/20) are trading now or would be except for COVID-19.
If you’re late filing your 2018/19 tax return, take action now by getting in touch. Our self-assessment tax return service is quick and easy to use. Your tax return must be filed by April 23rd 2020 at the latest.
You do not need to do anything to claim the grant. HMRC will be in contact with all eligible self-employed people in due course.
You can find out more about the grant scheme here.