The Extended Job Retention Scheme

Financial Support for the Self-Employed Announced

Earlier tonight, we saw the Chancellor announce a much anticipated financial aid package for the self-employed. The support package is designed to help those working for themselves who are affected by the COVID-19 crisis.  

The main points of his statement include 

  • Anyone who is self-employed who has seen a loss of income due to the coronavirus crisis may be eligible. 
  • The grant offers 80% of their average monthly profits, up to £2,500 per month, as part of the Coronavirus Self-employment Income Support Scheme. 
  • Those eligible must make the majority of their income from self-employment. 
  • The figure available for the self-employed to claim will be based on their average profit for the last three financial years, or fewer if they have traded for less.  
  • To be eligible for the scheme they must have filed a 2018/2019 tax return; any late filers will be given an additional 4 weeks to file their return.  
  • The scheme will be open to those who have an average trading profit of less than £50,000 per financial year 
  • HMRC will use their own information to identify and invite those eligible to apply.  
  • The grant will begin being paid from the beginning of June. 

Published on: 26 March 2020 - By: First Freelance

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