Coronavirus Self-employed support
So, following on from today’s announcement from the Chancellor, here is our quick summary.
Self-employed help in June?!
The Chancellor has announced aid for the Self-Employed workers in the country. Well, some of us, in a few months. Until then it’s Universal Credit.
So, what was announced today?
A grant called the “Self-Employment Income Support Scheme”. This in a nutshell is a grant worth 80% of your average monthly trading profits over the last three years up to a maximum of £2,500 per month.
The bottom line is self-employment is far more complex than being “employed”. Therefore, there are a lot more details we expect will be announced, some of which have not been worked out yet.
You apply through a website portal which is not going live until June, and you do not need to contact HMRC, they will contact you.
If you earn over £50,000 a year you are not covered.
The grant will be taxable so it will form part of your annual income.
More details will be announced for people who have recently started being Self-employed or had a break due to illness or maternity etc. and as more details are announced I will of course update you all.
As ever, if you have any queries, don’t hesitate to contact us.
Stay safe everyone,
Paul.