The Chancellor, Rishi Sunak MP, held a press briefing this afternoon to outline the Government’s economic measures for self-employed people in response to the COVID-19 crisis.
He announced a Self Employed Income Support Scheme for any self-employed person who has been adversely affected by the COVID-19 crisis.
The scheme means the Government will pay any self-employed person a taxable grant worth 80% of their average monthly profit from the last three years up to £2,500 a month. This scheme will be open for at least three months and will be extended if necessary.
Self-employed people can claim this grant and still be working.
To ensure the scheme provides targeted support for those most in need, it will be open to anyone with trading profits up to £50,000.
The Chancellor stated that this is for those who make the majority of their yearly income from self-employed work.
To minimise fraud, only those who are already in self-employment, who have a tax return for 2019 will be able to apply.
Mr Sunak stated that 95% of those who are self-employed will benefit from this scheme.
HMRC are working on the scheme ‘urgently’ and people will be able to benefit from the scheme ‘no later than the beginning of June.’
Eligible candidates will be contacted by HMRC, be asked to fill out a form and then money will be paid into their bank account.
To ensure all in need of this scheme can avail, the Chancellor stated anyone who missed the filing deadline in January has four weeks from today to submit their tax return.
To alleviate pressures now, self-employed people can access the Business Interruption Loans, self-assessment income tax payments can be deferred from July to January 2021 and have access to Universal Credit in full.
The Chancellor also said that details on the Jobs Retention Scheme will be made available tonight at businesssupport.gov.uk
Home Secretary, Priti Patel introduced new emergency laws to the House of Commons today for police to fine those not adhering to the social-distancing laws within the Coronavirus