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Government Support for Self-Employed People

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IMPORTANT UPDATE:SELF-EMPLOYMENT

Government announces new “new Self-Employed Income Support Scheme”

  • Eligible people will receive “a cash grant worth 80% of their average monthly trading profit over the last three years.”
  • “This brings parity with the Coronavirus Job Retention Scheme, announced by the Chancellor last week, where the Government committed to pay up to £2,500 each month in wages of employed workers who are furloughed during the outbreak.”
  • “Cleaners, plumbers, electricians, musicians, hairdressers and many other self-employed people who are eligible for the new scheme will be able to apply directly to HMRC for the taxable grant, using a simple online form, with the cash being paid directly into people’s bank account.”
  • “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.”
  • “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 sceme “will cover the three months to May. Grants will be paid in a single lump sum instalment covering all 3 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.”(from: www.gov.uk/government/news/chancellor-gives-support-to-millions-of-self-employed-individuals)

[ADMIN: we will share further information, analysis and commentary on this as appropriate – including the details from HMRC as soon as they are published]
Rishi Sunak announces world-leading scheme to support the UK’s self-employed affected by the coronavirus outbreak.

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