Corona Diaries: Government Package for the Self-employed. Are You Happy With it?
Rishi Sunak, the chancellor, has just announced outline details of the rescue package for the self-employed.
Here’s a summary of the key points from Daniel Barnett Employment Law:
a newly self-employed income support scheme will pay self-employed people a taxable grant worth 80% of average monthly income, capped at £2,500pm
income will be calculated by taking the average income over the last three years
self-employed people can claim these grants and continue to do business (so, it’s not the same as furlough leave, where employees have to remain at home)
the scheme is open to anyone with trading profits of up to £50k (this covers 95% of self-employed people). Self-employed people who earn more will not qualify
the scheme is only open to those who make the majority of income from self-employment; if you are employed but have a ‘side job’ which is self-employed, you will not be eligible
the scheme is only open to those who have submitted a tax return for 2019 (to minimise fraud). However, thos…
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