Covid-19 Emergency: The Chancellor Announces Support for the Self-Employed (26/03/20)

"One of the most generous support schemes for self-employed people anywhere in the world" - Rishi Sunak, 26th March 2020

I think this is the announcement that many of you have been waiting for. A quick explainer:

1. Anyone self-employed whose work has been adversely affected by the Coronavirus is entitled to 80% of their earnings up to a maximum of £2500 per month (same as for those who are employed).

2. Scheme available to anyone whose trading profits are up to £50,000, who earns the majority of their income from self-employment and has a completed 2019 tax return to show their earnings (although time has been extended for anyone who is late to file).

3. If you are eligible HMRC will contact you.

4. Scheme available from early June and can be backdated to 1 March. BUT if you need emergency funds you can get money via the Coronavirus Business Interruption Loan Scheme Or defer your next income tax payment in July 2020 to use the funds for personal expenditure OR access Universal Credit (remember also that you are entitled to a 3-month mortgage holiday, protected from eviction if you are a renter and under no obligation to pay VAT until June 2020)

I will post full details as soon as the scheme is published but I hope this will assist the MANY OF YOU who have contacted me. The Chancellor has been listening.

Full details here:

https://www.gov.uk/government/speeches/chancellor-outlines-new-coronavirus-support-measures-for-the-self-employed