Many constituents have contacted me over the last few weeks regarding the support the Government was going to offer to the self-employed.
Today, the Chancellor has announced the Self-Employed Income Support Scheme. The Government will pay self-employed people across the whole UK who have been adversely affected by Coronavirus a taxable grant worth 80% of their average monthly profits over the last three years, up to £2,500 per month, for an initial period of three months.
For those who do not have three years of returns, HMRC will look at what you do have. The scheme will be open to those with trading profits up to £50,000, leaving 95% of people who are majority self-employed eligible for the scheme. HMRC will also ask people to demonstrate that the majority of their income comes from self-employment, and to those who are already in self-employment and who have a tax return for 2019.
Self-employed people who are eligible will be contacted by HMRC directly and then asked to fill out a simple online form, and HMRC will pay the grant directly into their bank account.
HMRC are working day and night to get this scheme up and running as soon as possible. The Self-Employed Income Support Scheme also allows late tax filers a month to get their 2018-19 tax returns in over the next four weeks.