Latest in help for Self Employed announced!

🦠Latest in help for Self Employed announced!🦠

Direct cash grant of 80% of their profits, up to £2,500 per month

Rishi Sunak has has announced plans that will see the self-employed receive up to £2,500 per month in grants for at least 3 months covering March, April and May and this money will be paid out in June.

To be eligible you will need to be Self Employed and have filed a self-assessment for the 2018/19 tax year with a trading profit of less than £50,000 or an average trading profit over the years 2016-17, 2017-18, 2018-19 of less than £50,000. Also more than half of your income must come from Self employment.

HMRC will identify eligible taxpayers and contact them directly with guidance on how to apply.

Individuals should not contact HMRC now. HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational.

Those who pay themselves a salary and dividends through their own company are not covered by the scheme but will be covered for their salary by the Coronavirus Job Retention Scheme if they are operating PAYE schemes.