Under growing pressure to support the self-employed with a similar package of measures as introduced for employed workers, the Chancellor of the Exchequer, Rishi Sunak, has today announced a package of support for the self-employed in what he has said amounted to "one of the most generous packages in the world"
A summary of the scheme:
- grants worth 80% of average monthly profits up to £2,500 a month can be claimed
- the scheme will remain in place for at least three months
- open to anyone with trading profits of up to £50,000
- available to those who make the majority of their income from self-employment and who filed a tax return for 2019 (with a further concession of 4 weeks to file late tax returns)
- tax officials will contact those who are eligible
- the scheme will be up no later than the beginning of June (and will be back dated to pay all 3 months in one go)
- for those who need assistance before June Universal Credit would need to be applied for in the meantime
The Chancellor stated that this scheme will cover 95% of self-employed people.
To read the full government report click HERE