Self-employed events professionals will receive direct cash grants though a UK-wide scheme to help them during the coronavirus outbreak, the Chancellor has confirmed.

Rishi Sunak has set out plans that will see the self-employed receive up to £2,500 per month in grants for at least three months, which will be reviewed and extended if necessary.

It is hoped that the new Self-Employed Income Support Scheme will be set up by the beginning of June, with those eligible receiving a cash grant worth 80 per cent of their average monthly trading profit over the last three years. This covers 95 per cent of people who receive the majority of their income from self-employment.

Self-employed events professionals who are eligible for the new scheme will be able to apply directly to HMRC for the taxable grant, using an online form, with the cash being paid directly into their bank account.

Sunak said: “Self-employed people are a crucial part of the UK’s workforce who’ve understandably been looking for reassurance and support during this national emergency.

“The package for the self-employed I’ve outlined is one of the most generous in the world that has been announced so far. It targets support to those who need help most, offering the self-employed the same level of support as those in work.

“Together with support packages for businesses and for workers, I am confident we now have the measures in place to ensure we can get through this emergency together.”

The scheme will be open to those with a trading profit of less than £50,000 in 2018-19 or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19.

To qualify, more than half of their income in these periods must come from self-employment.

To minimise fraud, only those who are already in self-employment and meet the above conditions will be eligible to apply. HMRC will identify eligible taxpayers and contact them directly with guidance on how to apply.

The income support scheme, which is being designed by HMRC from scratch, will cover the three months to May. Grants will be paid in a single lump sum instalment covering all three months, and will start to be paid at the beginning of June.

Individuals should not contact HMRC now. HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational.

Those who pay themselves a salary and dividends through their own company are not covered by the scheme but will be covered for their salary by the Coronavirus Job Retention Scheme if they are operating PAYE schemes.

Further information and details of the scheme will be shared shortly by HMRC. HMRC will use the average trading profits from tax returns in 2016-17, 2017-18 and 2018-19 to determine the size of the grant.

Before grant payments are made, the self-employed will still be able to access other available Government support for those affected by coronavirus, including Universal Credit and business continuity loans where they have a business bank account.