Breaking: Chancellor Rishi Sunak announces new support for the self-employed
In the daily 5pm briefing, the Chancellor announced that the majority of the self-employed will receive 80 per cent of their income.
Addressing the concerns raised by many self-employed workers across the country, Sunak said: “I know many self-employed people are deeply anxious about the support available to them”
“You have not been forgotten. We will not leave you behind. We all stand together.
“The govt will pay self-employed people who have been adversely affected by CV a taxable grant worth 80% of their average monthly profits over the last three years up to £2500 a month. This scheme will be open to people across the UK for at least three months and I will extend it for longer if necessary.”
This new measure for the self-employed mirrors that available for employees as announced last week, who receive 80 per cent of their salary. The Chancellor commented that this new scheme is “unlike almost any other country and makes our scheme one of the most generous in the world.”
The scheme applies to those whose trading profits are below £50,000. Explaining this decision, the Chancellor said: “To make sure that the scheme provides targeted support for those most in need, it will be open to anyone with trading profits up to £50,000.
“To make sure only the genuine self-employed benefit, it will be available to those who make the majority of their income from self-employment.
“And to minimise fraud, only those who are already in self-employment who have a tax return for 2019 will be able to apply.”
The government believe that this will benefit 95 per cent of people who are majority self-employed will benefit from this scheme”
When will this be available?
The Chancellor said that this scheme will be available at the Beginning of June at the latest. If you are eligible, HMRC will contact you directly and ask you to fill out an online form, and then the money directly into your bank account. Crucially, anyone who missed the deadline in January, has four weeks from today (March 26th) to submit their tax return.
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