Self Employed support has been announced
The long awaited support for the Self Employed has been announced and will be in line with Employees support. Self employed people will be able to claim 80% of their average monthly profit over the past 3 years (up to £2.5k per month) as long as they had a 2019 tax return submitted to HMRC. If you missed the 2019 deadline of 31st January you have 4 weeks to submit it without missing out. This will only apply to those whose profits are up to £50k per annum.
HMRC will contact eligible self employed people with a simple form to complete and hope to have it up and running by the beginning of June. Eligible people should therefore get 3 months payment in one go in June and can apply for the Business Interruption Loan Scheme if struggling financially before then.
In the meantime you should also apply for Universal Credit if you have to stop working and haven’t already applied. Advance payments can be made within days.
Chancellor’s speech also confirms we should have the detail regarding the Job Retention Scheme tonight.
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