The Chancellor has today unveiled additional support measures to help the self-employed.
The new Self-Employed Income Support Scheme will pay self-employed people a grant worth 80 per cent of their average monthly profits over the last three years, up to £2,500 a month. This will last for a minimum of three months. Those eligible will be able to claim these grants and continue to do business.
The scheme will be open to everyone with registered profits up to £50,000, meaning 95 per cent of those who are majority self-employed will benefit. To minimise fraud, only those who are already in self-employment, and who have a tax return for 2019, will be able to apply.
This builds on support that is already available, including:
- Access to loans through the Coronavirus Business Interruption Loans Scheme
- Support through the welfare system
- Deferring income tax self-assessment payments for July until the end of January 2021.
This scheme will help the majority of our country’s self-employed workers, including the musicians, the sound engineers, the plumbers, the electricians, the taxi drivers, the hairdressers, the childminders, the driving instructors, and many others.
Full details of the scheme will be published shortly. Please see my webpage here for further information and advice for businesses.