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The Chancellor announces help for the self-employed

April 8, 2020
Employment Law

Although it is slightly outside our normal brief, it’s important for us to mention that the Chancellor of the Exchequer, Rishi Sunak, recently announced a package of measures aimed at helping the self-employed during the current pandemic. In terms similar to those proposed for employees and workers, Mr Sunak has announced the following measures:

· A scheme is to be put in place whereby the self-employed can claim a taxable grant worth 80% of their average monthly income (up to a maximum of £2,500 per.month);

· Unlike the government’s Job Retention Scheme, the self-employed will still be able to do business whilst also making a claim for the relevant grant;

· Only those with trading profits no greater than £50,000 will be able to make a claim.  Whilst the scheme should cover 95% of self-employed people, the cliff-edge is   proving unpopular with those who fall just outside its ambit;

· The scheme only applies where self-employment provides the majority of a person’s income;

· Those who submitted a tax return for 2019 and are eligible to participate in the scheme will be contacted by HMRC directly, inviting them to complete the necessary online application form;

· The scheme will apply for an initial period of 3 months, although it is likely to be some time before any payments are actually made; some are bound to suffer considerable cash-flow problems in the meantime.

If you need further advice on this issue, contact a member of our team or speak with your accountants.

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