Self-employed workers have "not been forgotten about" said Chancellor Rishi Sunak as he announced an unprecedented level of financial support.
The package, which the Chancellor described as the "most generous in the world", includes:
- A new Self-Employed Income Support Scheme. The government will pay anyone adversely affected by coronavirus a taxable grant worth 80% of average monthly profits over the past three years up to £2,500 a month. It will be open for at least three months. They can claim these grants and continue to work. Workers will be able to access the scheme no later than June.
- It will be available to anyone with trading profits up to £50,000 and those that make a majority of their income from self-employment. Only those already in self employment who have a tax return for 2019 will be able to apply.
- Those that qualify will be contacted by HMRC and asked to fill out an online form after which the grant will be paid straight into their bank account.
- Anyone who missed filing their tax return in January, four weeks from today, can submit their tax return.
- To ensure no one misses out, self-employed can access the Business Interruption Loans, self-assessment income tax payments due in July can be deferred to the end of January next year, and the welfare system has been changed so the self-employed can access Universal Credit.
There are more than five million self-employed in the UK
For further information, visit www.businesssupport.gov.uk