Article

Self-employment Income Support Scheme Calculator

Use the Self-employment Income Support Scheme calculator, developed by Deloitte, to find out how much support you may be able to access via grant from the HMRC coronavirus (COVID-19) Self-employment Income Support Scheme.
 

Do I qualify?

According to the UK government guidance, in broad terms you should be eligible for a grant if you are trading (or would be apart from COVID-19), your trading profits are negatively impacted by COVID-19 and your trading profits do not exceed £50,000 and are more than half your total income. However the precise rules, for example when you need to be trading and which tax years are relevant, are detailed and complex. Please see the Government guidance here and here for full details.

Completion of the Calculator, using the further guidance below, will give you an indication, based on your responses to the questions, of:

  • whether you may be eligible for the scheme;
  • if eligible, the grant available; and
  • how to claim the grant from HMRC.

The results from the Calculator are indicative only. The results should not be used to determine any financial strategy or as a substitute for professional advice.
 

What support may be available?

For eligible individuals, the taxable grant available is up to 80% of the average monthly profits over the 2016/17, 2017/18 and 2018/19 tax years (based on average profits reported on tax returns filed for these years) capped at £2,500 per month.

The initial grant period is three months, subject to possible extension. HMRC should make first grant payments by June 2020.
 

Steps to complete the Calculator

Step 1 – read the notes and Government guidance above on eligibility for the scheme.

Step 2 – ensure you have access to your self-assessment tax returns and income tax calculations for the 2016/17, 2017/18 and 2018/19 tax years. However, if you started trading after tax year 2016/17 you only need these details for the tax year(s) during which you were trading.

HMRC will not take into account any changes made to submitted returns after 26 March 2020, when calculating eligibility or the grant amount.

Step 3 – input the figures from your tax returns and income tax calculations into the Calculator. See the Guidance section below for help on where to find the figures you need to input.

Step 4 – receive an indication of the grant available from the scheme.
 

Further information

This Calculator is based on the announcement by the UK government on 26 March together with Government guidance (here and here) as at 4 May 2020. Further guidance, together with the Treasury’s SEISS direction was published on 1 May 2020.

It does not deal with all possible situations. Please see the Guidance for specific situations not covered. There may also be complexities in your tax affairs which affect the results of the calculator.

Calculator

Did you find this useful?