Summary of provisions as per the Chancellor’s announcement

Prepared by Eazitax 17.23 26/03/2020

Coronavirus Payment Scheme

• Pay-out of 80% of Average Monthly Profit of the last 3 years up to £2,500.
• For those under 3 years will look at 2 or 1 year but not less.
• For self-employed up to £50,000 profit
• You must have filed a 2018/19 Tax return
• If not yet filed – must be filed within next 4 weeks
• If newly Self Employed – may not qualify. Unfortunately and will have to look to universal credit
• Payments will be made no later than beginning of June
• HMRC will contact you directly – no need to apply
• Business Interruption Loans can be applied for by Self Employed people
• You can apply for Universal Credit whilst awaiting this grant
• 3 months will be paid at once

Please note this is our understanding of the announcement at this moment in time.