The Chancellor has just announced a package of support for the self-employed. I know many constituents have desperately been awaiting news of this.
The main features are:
-the scheme applies for those with trading profits up to £50k p.a.
-you’ll receive 80% of your average monthly profits over the past three years. This is to allow for fluctuations in income from year to year (if you’ve been trading for under 3 years, they’ll base the figure on the years you have actually traded)
-the maximum payment will be £2500 per month
-the payments will be for at least 3 months
-the scheme will be accessible by the beginning of June, and payments will be backdated to March
HMRC will contact you if it believes you’re eligible – you don’t have to apply
-if you’ve missed this year’s 31 January deadline to file your latest tax return, you’re got an extra 4 weeks from today to do so, so that you can be covered by the scheme
I know many people will be worried about having to wait until June to receive any money. In the meantime, the Chancellor encouraged people to apply for welfare benefits – I’m sorry that won’t be a welcome process to many.
I’ll share any further details as I receive them. In the meantime, you can find more detail on the government’s website here.