COVID-19: Government help for the self-employed

Chancellor Rishi Sunak has this evening announced the Self-Employed Income Support Scheme, which has been hotly anticipated for obvious reasons. The Scheme is summarised as follows:

• A taxable grant will be available in the sum of 80% of average earnings over the last three years, up to £2,500 per month

• The scheme is initially available for three months, with an option to extend if deemed necessary

• Self-employed individuals who receive the grants will still be able to carry on doing business

• The Scheme is only open to those self-employed individuals with trading profits of £50,000 or below

• Any individual who missed the January 2020 self-assessment filing deadline has four weeks from today to file their return, and will still qualify if they do so

• HMRC will contact the individuals who are eligible for the Scheme directly

• The Scheme is expected to be up and running by early June

Although not confirming the precise detail, the Chancellor did allude to the fact that there may well be rises is National Insurance for the self-employed going forwards, to bring the rates more in to line with those who are employed. I must state that this is not a fact, but certainly seems to be something to keep in mind.

As ever, please do not hesitate to contact us should you have any queries and, in the mean time, stay safe!