A quick summary, with a more detailed update from today’s briefing to follow.

The Government have today announced the following support for self-employed individuals:-

  • The Government will be paying 80% of monthly average income
  • This will be based on the past 3 years’ trading profits. If you do not have 3 years, it will be based on what you do have
  • This is subject to a maximum cap of £2,500.00 per month
  • The payment will be fully taxable
  • It is only for those who make up to £50,000.00 trading profit a year, and whose majority income comes from self-employed activities
  • It is only available to those with a 2018/2019 tax return filed by 31 January 2020. If you were a late filer in January, you now have 4 weeks in which to submit your tax return
  • HMRC will contact individuals directly, you will not need to submit information to HMRC until they contact you
  • Payments are expected to be made in June
  • Presently, payments will be made for 3 months

Further information will follow shortly. To ask a specific question please contact our expert employment law team.

The Backhouse Solicitors Team

Tel: 01245 893400
Email: info@backhouse-solicitors.co.uk
Visit: 17 Duke Street, Chelmsford, Essex CM1 1JU

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