26th March 2020
Here is a copy of the press release announcing support for the self-employed. Details will be released soon but the key points of the scheme are:
- The self-employed will receive a direct cash grant of 80% of their average profits, up to £2,500 per month.
- The scheme is open to anyone with average profits of £50,000 or less.
- The scheme will operate for three months initially but could be extended.
- The system will take time to establish and grants won’t be available until June – at which time those eligible will receive a payment for the whole three month period. So in effect, this will be a one-off grant to the self-employed.
- HMRC will use the average trading profits from tax returns in 2016-17, 2017-18 and 2018-19 to determine the size of the grant. For those without 3 years of returns, the Treasury will look at what they do have but there will be nothing for the newly self-employed without any filed accounts.
With kind regards
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