Self-Employed Government Income Support Scheme

The Government has announced a new Self-Employed Income Support Scheme. The Government will pay a taxable grant of 80 per cent of average annual profits over the last 3 years up to £2,500 per month. The scheme will be open for at least three months, backdated to 1 March 2020. The scheme will provide targeted support for self-employed people with profits up to £50,000 per annum. The scheme will be for those who earn the majority of their income from self-employment and have filed a tax return for 2018/19. According to the Chancellor, 95 per cent of self-employed people will benefit from this scheme. Those self-employed workers who have not yet submitted their tax return will have four weeks to do so. The scheme will be administered by HMRC and it is expected that businesses will be able to receive the grant in early June. On the access available to self-employed people now, the Chancellor has mentioned support from the interruption loans, access to Universal Credit and other welfare support.

All the Government’s support and associated guidance for businesses can be found at businesssupport.gov.uk.

The Money Advice Service also has a helpful list of financial support available to people which you can view here: https://bit.ly/33PWbnz

For more information visit https://www.gov.uk/government/news/chancellor-gives-support-to-millions-of-self-employed-individuals