You must have been self-employed for at least one year or have submitted this year’s tax return to qualify, if you haven’t already submitted this year’s tax return you will have an additional four weeks from today 26th March to complete it.
Self-employed Income Support
If you qualify you will be able to claim self-employed income support which will supplement up to 80% of your earnings.
Your allowance will be averaged out over the your previous tax returns for example, if you earned £18,000 in total last year your allowance will be worked out as follows:
£18,000 / 12 = £1,500 per month
80% of £1,500 = £1,200
Self Employed Calculator
The self-employed income support has only just been announced and it’s important to note that the funding for the temporary self-employed income support will not be available until June.
Your payment will be backdated from the time that you apply for this temporary benefit, in addition self employed people will also be eligible for the three-month mortgage holiday that was announced last week.
If you are not eligible for the self-employed income support because you don’t have any tax returns for the qualifying period or you have only just become self-employed, you will need to apply for universal credit.