Many of you will have listened to the recent announcement from our Chancellor. On the one hand it is very generous, and includes a large number of low earning self-employed people. On the other it isn’t inclusive enough for my liking.
Self-employed Income Support Scheme
Please see the link:-
All self-employed people that filed a return for 2019, and cannot continue to work, will receive a grant of 80% of their averaged net profits over, up to, the three tax years to 5th April 2019. If you haven’t completed three years, you will receive an average of what you have filed. This is subject to an upper limit of £2,500 per month.
If you became self-employed after that time it seems you must claim Universal Credit, which is available immediately for you.
The scheme will not be in place until June 2020, and you must wait for H M Revenue and Customs to contact you to make an application. No Payments will be made until June at the earliest. If you have immediate difficulties you can contact Universal Credit for help.
If you are in a partnership or running a business on your own you are self-employed.
Small Limited Companies
If you are running a small limited company you are not self-employed, and therefore if you are unable to work you will not be included in these grants. You can claim 80% of your salary, but not dividends.
In my opinion the Chancellor has missed a massive section of working people and left them behind others, I will write to our MP to raise this point.
By all means let us have your queries, we will do our best to answer all of you as quickly as we can, but bear with us.