
Breaking: Chancellor announces new scheme to help self employed trade through coronavirus

The Chancellor has just announced a significant support package to help self employed workers:
26.03.2020
- The government will provide a grant which will pay up to 80% of their monthly profits averaged over the last 3 years - subject to the same maximum of £2,500 provided to furloughed employees
- For those who have been trading for less than 3 years, their earnings will be based on the tax returns they have submitted - but if they have no tax returns they have to rely on the welfare system
- This is only available to those whose annual profits are up to £50,000
- For those who have self employment and paid employment, they can access the scheme if they make the majority of their earnings from self employment (estimated to apply to 95% of all self employed people)
- The scheme will up and running by the end of June but payments will be backdated to 1 March
- HMRC will contact people direct if they are eligible and will pay them into their bank accounts
- It's only available to those who have submitted a tax return for 2019 (which should have been submitted in January 2020) - but anyone that's not done this has a month to do so
- Extra money will be given to local authorities to help those unable to pay council tax etc
The Chancellor also hinted that the tax rules around self employment will also change in the future so that everyone "pays equally in the future".
https://www.linkedin.com/in/joanne-moseley-65445b37/detail/recent-activity/
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