COVID-19: Essential information
COVID-19: Help & support for self-employed workers
Last night the Chancellor, Rishi Sunak, announced the Government’s plans to support some of the five million self-employed workers in the UK during the coronavirus outbreak. Sunak made no secret of how difficult it was to develop a package that was fair and affordable and one that supports the small businesses that truly need finance, rather than those than may well be thriving through these unprecedented times.
Sunak’s main announcement was about a new self-employed income support scheme, which will see the Government pay self-employed workers a taxable grant worth 80% of their average monthly profits from the last 3 years (or less if appropriate) up to £2,500 per month. The scheme is expected to support 90% of those in self-employment with financially sound businesses.
Here are the key application criteria you need to know:
The scheme is open to any small business with trading profits up to £50,000 per year and is available to those that make most or all of their income from self-employment
To prevent fraud, only those who have a tax return for 2019 can apply. Any self-employed worker who missed the tax deadline in January will have an additional four weeks to submit their tax return (starting from 26/03/20)
The scheme will be up and running by the beginning of June and HMRC will contact those eligible directly
To tide small businesses over from now until June, self-employed workers can access existing business loans including the Coronavirus Business Interruption Loan Scheme (CBILS), as well as universal credit in full
If you have any questions, please contact one of our agents on 0330 017 3084 who will be more than happy to talk you through the different options and help you apply.
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