Update on Self-employment Income Support Scheme from HMRC

HMRC have recently updated the guidance to provide clarifications to some queries they have received, including:

  • detail of the treatment of losses, averaging and multiple trades
  • clarifications on the calculation of self-employed profits and what is meant by total income
  • confirmation that individuals are able to continue working, including taking on employment role
  • confirmation that owner-managers of Ltd companies can access the Coronavirus Job Retention Scheme (CJRS) for their salary
  • confirmation that individuals can access Universal Credit and the SEISS
  • clarification on overlaps between the SEISS and CJRS (for example, you can claim the SEISS and continue working).

Please see here guidance on how to claim a grant through the Coronavirus Self Employment Income Support Scheme: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid…

See how HMRC works out total income and trading profits for the Self Employment Income Support Scheme: