It would appear that ‘yes’ is the short answer, but…
Self Employed Income Support Scheme
As expected the Chancellor announced details of support for the self-employed this evening:
- The announcement covers self-employed only, not contractors or one man bands working through a personal service company as some actors thought may be the case.
- To qualify you must have made a maximum of £50k trading profits.
- You receive a taxable grant worth 80% of your average profit based on 3 years trading.
- The average can be based on a shorter period if you have been self-employed for a shorter period.
- You must have submitted at least an 18/19 self assessment tax return.
- You can be both Employed and self-employed, but the majority of your income must come from the self-employment.
- Unlike the Job Retention Scheme, you can keep working.
- The scheme is set up for an initial 3 month period.
- HMRC will contact the individuals directly.
- Anyone who has not submitted their tax return for 18/19 (so are late) has another 4 weeks to submit from today.
- The first payment is expected to arrive in June, that will be back-dated to March.
- The Chancellor made an observation on the inconsistency on taxation between the self employed and employed. National Insurance revamp in the future anyone?
If you need some more advice speak to your Blu Sky Account Manager.
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