Coronavirus Debt Advice Scotland – If You Are Self-Employed
If you currently live in Scotland and your income has dropped because of Coronavirus, you might be able to get money from the Government.
You could get 80% of your average profits up to a maximum of £2,500 per month. This scheme is called the Self-Employment Income Support Scheme.
If you’re eligible, you can get money to cover until at least the end of June 2020.
Check if you can use the Self-Employment Income Support Scheme
You can get the grant if you’re self-employed or a member of a partnership.
Your self-employed profits must be less than £50,000 per year and they must make up more than half of your total income. The government will look at your tax returns from the last 3 years to see if you’re eligible – if you’re not sure you can check the Coronavirus self-employment rules on the Government’s website.
You’ll also have to:
- Have lost profits due to Coronavirus
- Have submitted your tax return for the tax year 2018-19 – you need to do this by 23 April 2020 if you haven’t already
- Have earned self-employed income in the tax year 2019-20
If you don’t think you’re eligible, you can check what benefits you can get.
Check how much money you may get
You’ll get 80% of your average profits up to a maximum of £2,500 per month.
HMRC will calculate your profits based on any tax returns you’ve submitted over the last 3 tax years. You’ll get 1 payment to cover the whole length of the scheme.
You can find out more about the scheme rules on the Government’s website.
What to do next
You can’t apply for the scheme in Scotland yet – HMRC will contact you if they think you’re eligible. They’ll tell you when you’ll get it – it may not be until June 2020 that you are contacted.
If you need money while you’re waiting, you can check what benefits you can get.
If your company pays people through PAYE
You can apply for a grant to pay them 80% of their wages under the Coronavirus Job Retention Scheme on the Government’s website.
If you need help while you’re waiting for money through the Coronavirus Job Retention Scheme, you might also be able to use the Business Interruption Loan Scheme on the Government’s website
Get Expert Self Employment Debt Advice
Are personal or business debts keeping you awake at night? You’re not alone. If you’re a sole trader or a limited company struggling with debt, we can help.
Trust Deed Scotland® are continuing to provide people across Scotland with expert debt advice during this difficult time.
Our debt advisors are available Monday to Thursday 9am-8pm and Friday 9am-4pm.
Call us on 01412210999, or try our Self Employment Debt Calculator and get started now.