26th March 2020

 

Dear Member

 

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.

 

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

 

With kind regards

John

 

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