Job Retention Scheme
Eligibility: All Businesses
How to access: HMRC are working urgently to set up a system
Timing: End of April 2020
- Designate affected employees as "furloughed"
- Notify employees of change in status
- HMRC will reimburse 80% of furloughed workers wage costs up to £2,500 per month
Eligibility: Self-employed (including partners in a partnership)
How to access: HMRC will contact you via phone if you are eligible
Timing: system to launch in June 2020
The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) who have lost income due to Covid-19. This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to maximum of £2,500 per month for the next 3 months until 31 May. This may be extended if needed.
The scheme is only available to those who have trading profits of less than £50,000 in the 2018/19 tax year or whose average annual trading profits are less than £50,000 over 2016/17, 2017/18 and 2018/19 tax years OR half of their income must come from self-employment in these periods.
HMRC portal will be launched in June 2020 and you will receive a lump sum. HMRC will contact you via phone if you are eligible.