A quick summary, with a more detailed update from today’s briefing to follow.
The Government have today announced the following support for self-employed individuals:-
- The Government will be paying 80% of monthly average income
- This will be based on the past 3 years’ trading profits. If you do not have 3 years, it will be based on what you do have
- This is subject to a maximum cap of £2,500.00 per month
- The payment will be fully taxable
- It is only for those who make up to £50,000.00 trading profit a year, and whose majority income comes from self-employed activities
- It is only available to those with a 2018/2019 tax return filed by 31 January 2020. If you were a late filer in January, you now have 4 weeks in which to submit your tax return
- HMRC will contact individuals directly, you will not need to submit information to HMRC until they contact you
- Payments are expected to be made in June
- Presently, payments will be made for 3 months
Further information will follow shortly. To ask a specific question please contact our expert employment law team.
The Backhouse Solicitors Team
Tel: 01245 893400
Visit: 17 Duke Street, Chelmsford, Essex CM1 1JU
Or send us a message through the Contact Us page on this website