What help is there for the self-employed during the COVID-19 outbreak?
The Chancellor, Rishi Sunak has announced emergency measures to help the self-employed who have been adversely affected by the coronavirus outbreak.
Information on the announcement delivered to the public on 25th March 2020.
The key points are as follows:
- A taxable grant worth 80% of average monthly profits over the last 3 years, up to a maximum of £2,500 per month.
- The scheme will be open for 3 months initially and could be extended if necessary.
- Access to the scheme should be available by the beginning of June 2020.
- HMRC will contact those eligible with an online form. The grant will be paid straight in to bank accounts.
- The scheme is open to those who are already in self-employment, with trading profits up to £50k, who make the majority of their income from self-employment.
You must have submitted your 2019 self-assessment tax return to be eligible.
If you have not then you have 4 weeks from today (26 March 2020) to do so or you will not be eligible.
If you require any help navigating your way through this all then please do get in touch, we are here to help.
Disclaimer: The information contained in this article is intended to be a guide and is not intended to be exhaustive. No action should be taken on the basis of information contained herein without obtaining the necessary advice. No responsibility can be accepted for loss or damages occasioned to any person acting or refraining from acting as a result of the material contained herein.