The government has introduced the Self-employment Income Support Scheme to help the self-employed affected by COVID-19
It’s a generous scheme – you’ll receive a taxable grant which will be (in simple terms) 80% of the average profits from the last three tax years. It is limited to £2,500 per month for three months and will be paid into your bank account, in one instalment, at about the end of June 2020.
If you haven’t submitted your 2019 tax yet (the one covering the year to 5 April 2019) you must do this by 23 April 2020.
Submitting the return will probably create a tax bill for the year ended 5 April 2019 and you may have to make payments on account for the year ended 5 April 2020 (the current year).
But don’t forget:
1. You can ask HMRC to for time to pay your tax bill for the year ended 5 April 2019 and the first payment on account for the current year. Call HMRC’s Time to Pay Helpline on 0800 0159 559
2. The second payment on account for the current year which is due on 31 July may be deferred until 31 January 2021.