SELF EMPLOYED SUPPORT
* New Self-Employed Income support scheme announced by the Chancellor.
* The government will pay self-employed people who have been adversely affected by the coronavirus, a taxable grant worth 80% of their average monthly profits over the last 3 years - up to £2,500 per month.
* This will be open for at least 3 months across the UK, I will extend if necessary.
* You will be able to claim these grants and continue to do business.
* The government is covering the same amount of income as we are for furloughed employees,, who also get a grant worth 80%.
* This is unlike almost any other country making our scheme one of the most generous of the world.
* Steps have been taken to make the scheme deliverable and fair.
* It is open to those with trading profits up to £50,000 who make a majority of their income from self-employment.
* To minimise fraud, only those already in self employment who have a tax return for 2019 can apply.
* Additional time (4 weeks) is being given to anybody who is a 'late filer' - people who should have filed their tax return in January.
* 95% of people who are majority self-employed will benefit from this scheme.
* HMRC are working urgently to deliver the and they expect people to be able to access it no later than the beginning of June.
* Payments made by June will be back-dated to 1st March.
* In understanding that some self-employed people are struggling right now - the government has made sure people can access the business interruption loans, income tax payments due in July can be deferred to the end of January 2021 and the welfare system has changed to access Universal Credit in full. Other measures for rent and mortgage protection have already been announced.
I have only just received this information and I will go through the details. It may take a bit of time before I can start answering questions.
With kind regards