Government reveals measures to aid the self-employed during the coronavirus crisis

After an uncertain week for the 5.2 million self-employed people across the country, chancellor Rishi Sunak, made an announcement on Thursday 26th March to support them during the coronavirus crisis.

The measures have been outlined below:

• Government will provide taxable grants via HMRC to the self-employed
• The grants will be available to those with income of up to £50,000
• The grant will be 80% of average income over the last 3 years up to a maximum of £2,500 per month
• If the self-employed person has less than 3 years tax returns because for example, they haven't been self-employed for that long, an average will be taken of the income figures they do have
• HMRC will be in touch with those that are eligible for the grant
• The grants will be available for 3 months initially and will be paid in June, backdated to 1 March
• The grants will only be available to those that filed a tax return for 2018/19
• The Government will allow 4 weeks for any self-employed person that has not yet filed their 2018/19 tax return to file it. If anyone finds themselves in this position, we are able help.
• The grants will not be available to anyone newly self-employed who hasn't yet filed a tax return
• Other help via the welfare system i.e. Universal Credit is available for those that are eligible

Updates will be available in the coming days. If you need help with any of the above, please contact us on 0115 955 5500 or email enquiries@pagekirk.co.uk