Newly Self Employed Support Scheme

The Newly Self-Employed Support Scheme was announced this week and is now open for applications. It is designed to provide support to newly self-employed individuals (sole traders and those in partnerships) who have been adversely impacted by COVID-19.

This scheme will offer an initial one-off taxable grant of £3,500 to newly self-employed individuals who meet the criteria detailed below.

Who is eligible?

You must be able to demonstrate that you (as the individual) meet the following criteria:

  • You have commenced trading as self-employed between 6 April 2019 and 5 April 2020.
  • You have been trading at 1 March 2020 (prior to the COVID-19 pandemic).
  • You have either been temporarily unable to trade or are currently trading but impacted by reduced demand, due to the COVID-19 pandemic.
  • 50% of your income in 2019/20 was from self-employment.
  • Your 2019/20 trading profits were less than £50,000. In the case of a partnership business, this refers to your share of the trading profits as outlined on your individual tax return.
  • You have experienced at least a 40% decline in trading profits between 1 March and 30 November 2020, i.e. your trading profits over this period are at least 40% lower than they would have been in the absence of the COVID-19 pandemic.
  • You are able to provide the following:
    • 10-digit HMRC Unique Taxpayer Reference (UTR) linked to Schedule D earnings from any trade or profession.
    • HMRC VAT Registration Number, if you are VAT registered.
  • You intend to continue to trade as a sole trader or individual member of the partnership.

Who cannot apply?

A sole trader or individual member of a partnership business is not eligible for NSESS if:

This scheme will close to applications at 6pm on Thursday 7 January 2021.

For more information, please CLICK HERE or call us on 028 417 64540 to discuss.