Written by Chloe Smith MP:
'Many constituents have got in touch with me concerned about what support is being offered to those who are self-employed during this COVID-19 outbreak.
In light of the Chancellor’s announcement (March 26th) I wanted to take the time to update constituents on the latest news.
You can find more comprehensive details of all the Government measures announced today to help the self-employed by going to the below link.
The key measures announced today include:
- Launching the Self-Employed Income Support Scheme. The Government will pay self-employed people across the whole UK who have been adversely affected by coronavirus a grant worth 80 per cent of their average monthly profits over the last three years, up to £2,500 a month, for three months – but we will extend it for longer if necessary.
- Self-employed people who are eligible will be contacted by HMRC directly, asked to fill out a simple online form, and HMRC will pay the grant directly into their bank account.
- The scheme will only be open to those with trading profits up to £50,000, leaving 95 per cent of people who are majority self-employed eligible for the scheme. HMRC will also ask people to demonstrate that most of their income comes from self-employment, and, to minimise fraud, only those who are already in self-employment, and who have a tax return for 2019, will be able to apply.
This builds on support that is already available namely:
- Access loans through the Coronavirus Business Interruption Loans Scheme
- Supporting people through the welfare system
- Suspending the minimum income floor for twelve months – meaning self-employed people can now access, in full, Universal Credit at a rate that is equivalent to Statutory Sick Pay for employees
- Deferring income tax self-assessment payments for July until the end of January 2021
I welcome these measures announced by the Chancellor. I know it will come as a welcome support for the thousands of self-employed people here in the North of Norwich.
As always, you can find out more about all the Government’s comprehensive package of measures announced over the past few weeks by going to the below web address.
It is vital to keep yourself up to date with all the latest information available from the Government. I know this is tough, but together we will get through the other side.'