COVID-19 Pandemic: A Message From Our President26/03/2020
Financial Support Schemes For Businesses27/03/2020
Self-employed workers will be able to apply for a grant of up to £2,500 a month to help them cope with the financial impact of coronavirus, the chancellor Rishi Sunak has announced.
The money will be paid in a single lump sum, but will not begin to arrive until the start of June at the earliest.
Self-employed people will be able to apply for a grant worth 80% of their average monthly profits over the last three years, up to £2,500 a month.
Mr Sunak said the grants would be available to people across the UK for at least three months, and longer if necessary.
The scheme does not cover people who only became self-employed very recently – they will have to look to the benefits system for support.
But in all, the chancellor said 95% of people who earn most of their income via self-employment would be covered.
A more detailed overview of the support announced will follow, but below is a snapshot of the measures announced this evening for the new ‘Self Employed – Income Support Scheme’:
Taxable Grant of 80% of average earnings over the last 3 years up to a maximum of £2,500 and up to trading profits of £50,000;
The fund will be open for 3 months but will extend if necessary;
Available for those with a tax return to end 2019;
Businesses can claim these grants as well as continue to carry out business;
It is not available until the beginning of June 2020 but will be backdated;
HMRC will contact direct and businesses to complete a simple form;
Those that haven’t filed a self-assessment form will be given an additional 4 weeks from today to complete their Tax Return from January 2020; and
Those that have not filed a tax return can apply for Business Interruption Loans.
Commenting on the announcement, Dr Liz Cameron, Chief Executive of the Scottish Chambers of Commerce said:
“The chancellor has managed to deliver a support package for the self-employed that prioritises the good over the perfect.
“It is a complex issue and we acknowledge the challenge the Treasury has faced to make sure they aren’t forgotten.
“In the main, this support scheme will be a great relief to the vast bulk of the 320,000 self-employed people in Scotland who are essential to the fabric of our economy particularly in rural areas.
“Our plea now is that cash must flow quickly to support our businesses, employees and communities.”