Search

Self-employed workers to be given grant worth 80% of monthly profits

PUBLISHED: 17:23 26 March 2020 | UPDATED: 17:23 26 March 2020

Chancellor Rishi Sunak has revealed support for small businesses - but what does it mean?       Picture: Matt Dunham/PA Wire

Chancellor Rishi Sunak has revealed support for small businesses - but what does it mean? Picture: Matt Dunham/PA Wire

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.”

MORE: ABC offering 20pc off to key workers and ready to deliver medical supplies

You may also want to watch:

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.”


If you value what this story gives you, please consider supporting the Eastern Daily Press. Click the link in the orange box below for details.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad, serving as your advocate and trusted source of local information. Our industry is facing testing times, which is why I’m asking for your support. Every single contribution will help us continue to produce award-winning local journalism that makes a measurable difference to our community.

Thank you.

Most Read

Most Read

Latest from the Eastern Daily Press