LATEST NEWS - Government Announces Support for Self-Employed

HELP FOR THE SELF EMPLOYED

• The Government will pay self-employed people across the whole UK who have been adversely affected by Coronavirus a grant worth 80 per cent of their average monthly profits over the last three years, up to £2,500 a month, for three months.

• Self-employed people who are eligible will be contacted by HMRC directly, asked to fill out a simple online form, and HMRC will pay the grant directly into their bank account. We expect people to access the scheme by the beginning of June.

• The scheme will be open to those with trading profits up to £50,000. HMRC will also ask people to demonstrate that the majority of their income comes from self-employment. Only those who are already in self-employment, and who have a tax return for 2019, will be able to apply.

• For self-employed people who are struggling now, we’ve also made sure that many will be able to access loans through the Coronavirus Business Interruption Loans Scheme. This scheme provides loans of up to £5 million, which will be interest free for twelve months.

• Those on contributory ESA will be able to claim from day 1, instead of day 8. And we are relaxing the requirement for anyone to physically attend a jobcentre – everything can be done by phone or online.

• Self-employed people can now access, in full, Universal Credit at a rate that is equivalent to Statutory Sick Pay for employees.

• Deferring income tax self-assessment payments for July until the end of January 2021.