Self-employed workers to be given grant worth 80% of monthly profits
PUBLISHED: 17:23 26 March 2020 | UPDATED: 17:23 26 March 2020
Self-employed workers have been granted some reprieve after the chancellor announced new income benefits for the freelance workforce.
Speaking at a press conference this afternoon, Rishi Sunak said: “To support those who work for themselves, today I am announcing a new self-employed income support scheme.
“The government will pay self-employed people who have been adversely affected by the coronavirus a taxable grant worth 80% of their average monthly profits over the last three years, up to £2,500 a month.”
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Mr Sunak said the scheme will be available “no later” than the beginning of June.
He said that it is open to anyone with trading profits of up to £50,000 and will be only available to those who make the majority of their income from self-employment so only the “genuinely self-employed” benefit.
“And to minimise fraud only those who are already in self-employment who have a tax return for 2019 will be able to apply,” he said.
“95% of people who are majority self-employed will benefit from this scheme.
“HMRC are working on this urgently and expect people to be able to access this scheme no later from the beginning of June.”