Employment advice for the self-employed
Advice on self-employment during COVID-19 from Martin Sigsworth, of Thomas Pocklington Trust‘s Employment Team:
In the daily 5pm briefing on the 26th March, the Chancellor announced that the Government will pay self-employed people who have been adversely affected by Coronavirus a taxable grant worth 80% of their average monthly profits over the last three years, up to £2500 a month. This scheme will be open to people across the UK for at least three months and will be extended for longer if necessary.
It was also announced that this scheme will be available at the beginning of June at the latest. If individuals are eligible, HMRC will contact them directly and they will be asked to fill out an online form, and then the money will be sent directly into the individual’s bank account. HMRC will use data from 2018-19 returns which have already been submitted to identify those who are eligible for this support. Any late 2018-2019 returns will be risk assessed by HMRC.
It is important to note that anyone who missed the deadline in January, has four weeks from the announcement (March 26th) to submit their tax return, and this will need to be completed to ensure eligibility for any support.
Our funder, Thomas Pocklington Trust, have put together a comprehensive advice guide for self-employed individuals. You can find it here.
Updated 20 April 2020