Coronavirus Update: Self employed workers to have 80% of wages covered by government

Chancellor of the Exchequer, Rishi Sunak, has finally announced tonight the financial support available to the self employed whose businesses have been closed or affected by the coronavirus outbreak.

Rishi Sunak said “I’m proud of what we have done so far, but know that the self employed are deeply anxious. You have not been forgotten or left behind.”

He then went on to reveal the following:

  • Self-employed people facing financial difficulties will be able to have 80% of their monthly wages covered by the government (up to £2500), which will be calculated using average monthly profits over last three financial years. This will initially last for three months; longer if required.
  • The scheme will only be open to those who are already self-employed and have a self-assessment tax return for 2019.
  • It will apply to those with trading profits up to £50,000 a year.
  • The scheme will be able to be accessed by the first week of June.

Rishi Sunak finalised by saying that 95% of those that work on a majority self-employed basis will benefit and called the scheme ‘one of the most generous in the world.’

Are you a self employed therapist or technician that failed to complete their tax return in January? If so you will have an additional four weeks to complete and submit.

You will also be able to access Universal Credit in full.

He finished his conference by reminding us: “The last 10 days have shaken our economy like never before. What we have done will stand up as one of the most significant economic schemes in history.
“There are challenging times ahead and the government will not be able to protect every single job or protect every single business, but ministers have worked to make sure it is targeted at those who need it the most.”

For further information, visit www.gov.uk

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