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UK Government aid for the self-employed unveiled

27 March 2020

UK Government aid for the self-employed unveiled

It was announced in the latest speech by the Chancellor that self-employed workers are able to apply for a grant of up to £2,500 a month, paid in a single lump sum, to help them cope with the financial impact of COVID-19. However, the money will not begin to arrive until the start of June at the earliest. This generous package, named the Coronavirus Self-employment income support scheme will be in place for at least three months.

The grant will be worth 80% of average monthly profits for the self-employed worker.  This scheme will cover 95 per cent of those who make most of their earnings from self-employment, those with trading profits up to £50,000 and trading in the last financial year, currently and in the future. Tax returns for 2019 will also be required.  The taxable grants are based on peoples average monthly profits over the last three years.  If the tax return deadline of 31 January was missed, a grace period of four weeks to submit a return is needed to not miss out on the scheme.

Those self-employed with profits over £50,000 and having average earnings of more than £200,000 will not be eligible.

If you qualify, HMRC will make contact and money will be directly paid into bank accounts.

Those struggling right now can access welfare payments through universal credit, payed straight away.

Find more information on the Government site  

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