COVID-19 UPDATE: CHANCELLOR ANNOUNCES PACKAGE FOR THE SELF EMPLOYED
Yesterday the Chancellor announced a new self-employed support scheme which gives self-employed workers a taxable grant of up to 80% of average monthly earnings.
Describing it as one of the most generous packages in the world, the support package for self-employed people will run for a minimum of 3 months and will cover 80% of average earnings over the past three years earnings (up to £2,500 per month).
The package will apply to those who:
* Have a trading profit of up to £50,000
* Earn the majority of their income from self-employment
* Have submitted a tax return for 2018/19
How to apply:
HMRC will contact you directly and it is expected that this grant will be available to be accessed from the beginning of June.
The self-employed are still able to apply for Universal Credit (up to £1,800 per month) and business interruption loans.
Self-employed individuals who have not yet submitted their tax returns have 4 weeks from 26 March 2020 to submit their tax return and still be eligible for this support. As such they have until 23 April 2020 to submit their tax returns and should act now.