Information last updated: 7 April 2020
These will be taxable at the year end, just like any other income.
The scheme directed specifically at the self-employed covered a significant gap that may affect a number of audiologists. For many self-employed, SEISS will provide essential support to cover the drastic drop in income, but the delay before support becomes available towards the end of June will be a concern to many, even though it will be back-dated.
The eligibility gap on profits will exclude those with higher earnings. Any who have become self-employed recently and not yet been able to declare trading profits on their tax returns will also be penalised. The deadline for submitting tax returns has been extended by a month, and anyone who has yet to complete should do so urgently.
The scheme will be administered by HMRC who will automatically call those who are eligible, once the scheme is running.
The CBILS scheme is also available to support self-employed with the same caveats identified for directors of small limited businesses, though many self-employed may deem the barriers for them to be more difficult. This scheme is more likely to offer benefits to members of partnership schemes, especially those with several partners.