Posted 26th Mar
The government package for the self employed is just being announced. Some highlights:
- Government will pay self-employed a grant of 80% of their average monthly profits over last 3 years - up to £2,500 a month, to to help them cope with coronavirus crisis. Support will initially last three months.
- Must have a tax return for 2019 to apply. July deadline for self-assessment deferred to January. Open to anyone with trading profits up to £50,000.
- It will cover 95% of self-employed people. Treats them the same as government measures for other workers.
- Access to scheme should be no later than June
- If you have only 1 or 2 years tax returns it can be based on those. You do not need 3 full years.