Support for the Self-employed.

March 26th

The UK has been eagerly awaiting the government to announce what measures they’re putting in place to protect the UK’s 5 million self-employed workers. These measures were announced today as part of Rishi Sunak’s update to the country.

 

You can find the key points of this support scheme below:

 

  • Self-employed people facing financial difficulties as a result of COVID-19 will be able to receive a taxable grant of 80% of their monthly trading profits up to a cap of £2500 a month

  • The scheme will run initially for 3 months and be extended if required

  • The grant will be calculated using average monthly profits over the last three financial years (or as much as they have - 12 months plus - if people don’t have the full 3 years).

  • The grant will be open to those who are already self-employed and have a self-assessment tax return for 2019.

  • HMRC are working on what is a complex scheme and the aim is for the scheme to be accessible no later than the beginning of June. 

  • HMRC will write to those eligible directly and invite you to complete a simple online form, payment will then be made directly.

  • Those self-employed who missed the filing deadline in January will have 4 weeks from today to complete it.

 

See the following links to find out more about the latest announcement:

 

Whilst we can see the government is putting these measures in place it will expectedly require a lot of time before the above detailed arrangements turn into cash back into our self employed workforce.  And I’m sure there will be twice as many questions raised after the announcement has been made.

 

For the optical Industry help is at hand,  Keep an eye on https://www.strongertogetheroptics.co.uk/ a platform being used to keep everyone in our industry, businesses and professionals informed and educated before making strategic decisions.

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