The Chancellor has outlined some key measures to “benefit 95% of people who are majority self-employed”. They include:
- Those who have been adversely affected by the coronavirus can get a taxable grant worth 80% of their average monthly profits over the last 3 years, up to £2,500 per month.
- The scheme will be open to those with a trading profit of less than £50,000 in 2018-19 or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19. To minimise fraud only those already in self-employment who have a tax return for 2019 can apply.
- The scheme, which is being designed by HMRC from scratch, will cover the three months to May. Grants will be paid in a single lump sum instalment covering all 3 months and will start to be paid at the beginning of June.
- To make sure no one who needs it misses out on support, they have decided to allow anyone who missed the filing deadline in January, four weeks from today to submit their tax return
- Further information and details of the scheme will be shared shortly by HMRC
Self-employment Income Support Scheme: bit.ly/SelfEmployedSupport
FAQs relating to the scheme, can be found here: https://bit.ly/SelfEmployedFAQs
