Measures for the self employed

The Chancellor has finally announced the Support Plan for the self employed

It is available for those whose profits are less than £50,000 as reported on their 2019 Tax Return and, as an average, profits have been less that £50,000 for the last 3 years or if fewer years available an average on those years

The Grant is to support 80% of earnings up to a maximum of £2500 per month initially for 3 months

The Grant is taxable and available to those where income is derived more than 50% from self employment

Availability  –  expected June , but hopefully earlier

To be eligible you must have submitted a Tax Return for the year ended 05/04/2019 which was due for filing by 31/01/2020

If you haven’t filed your 2019 return then HMRC are now allowing you to do so in the next 4 weeks to enable those who have not submitted these to qualify for the Grant

HMRC will contact those eligible directly in due course

www.gov.uk/government/news/chancellor-gives-support-to-millions-of-self-employed-individuals

Initially these measures do not give any further assistance to those Owner Managers who run their own Limited Company’s and therefore they will need to look at the measures for business previously released

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-guidance-for-employees

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