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The Chancellor announces help for the self-employed

Posted
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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