The Chancellor, Rishi Sunak has announced (Friday 29th May) new plans to extend the Self-Employed Income Support Scheme for those Sole Traders or Partnership companies out there.

Those who are eligible to claim could get a grant up to a maximum of £6570. It will be worth up to 70% of their average Monthly trading profits (opposed to 80% last time). This will be a grant so of course, no need to repay and it will be a single payment.The average will be taken from the businesses tax returns from 2016/17, 2017/18, 2018/19

The Self-Employment Income Support Scheme (SEISS), payouts have so far amounted to £6.8 billion (2.3 million claims!)

Chancellor Rishi Sunak said:

Our top priority has always been to support people, protect jobs and businesses through this crisis. The furlough and self-employment schemes have been a lifeline for millions of people and businesses.

We stood behind Britain’s businesses and workers as we came into this crisis and we stand behind them as we come through the other side.

Now, as we begin to re-open our country and kickstart our economy, these schemes will adjust to ensure those who are able to work can do so, while remaining amongst the most generous in the world.

Click below to download full details of the scheme.

Factsheet for SEISS and CJRS schemes (PDF, 126KB, 5 pages)

What do you think of the self-employed income support scheme? Was it easy to claim? If you have any success stories or tragedies, please let me know

By Adam Phillips

After years at the bank, Adam decided to leave and set up 'Its The Money Guy'. Inspired by Martin Lewis' love to help people, Adam has followed in his foot steps and helped hundreds of customers, helping them save or make money for their household or business.

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