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

Chancellor Rishi Sunak has revealed support for small businesses - but what does it mean? Pict

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

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.”

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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.

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“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.

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“HMRC are working on this urgently and expect people to be able to access this scheme no later from the beginning of June.”

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