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10th December, 2021 I’m often educated by my law trained business partner as to…
30th March, 2020
Government initiatives – The Self-Employed Income Support Scheme
NB: This is not applicable to PSC contractors, please see here.
In a time of unprecedented uncertainty and fear in communities around the world, the Government’s fiscal initiatives to support businesses and individuals been have largely welcomed. Until recently however, the self-employed have faced increased uncertainty through lack of measures supporting them.
In response and following considerable pressure, the Government has implemented an income support scheme exclusively for the Self-Employed. Bringing with it more restrictions than similar initiatives for the employed sector, there will still be many lacking the support they so desperately need, but for those who qualify, safe harbour is coming in June 2020.
To access self-employed initiatives, you must meet the following criteria.
Where you qualify, The Government will pay you a taxable grant worth 80% of average monthly profits over the last three years up to £2500 per month, for a period of three months and which may be subject to extension.
Perhaps the most useful distinction here from the employee income support scheme is that you can claim these grants and still continue to work as a self-employed person where you are able. This is in contrast to furloughed employees who cannot work for the organisation.
However, the government states that in order for the funds to reach those most in need;
HMRC will shortly contact you directly and you will be asked to fill out a form. Once approved HMRC will pay the grant directly into your bank account. The aim is to pay at the beginning of June (3 months backdated) and whilst the government is hoping to be quicker this is unlikely based on the complexity of the task.
HMRC have also set up a Payment Support Service for anyone who is unable to make any other tax payments to HMRC as a result of Coronavirus;
Payment Support Service- Telephone: 0300 200 3835
As specialists in advising the self-employed industry, WTT can talk you through any of the above measures, to help you navigate your way through an unprecedented time. There will be no fee for this, please simply contact our client services team on 020 3468 0000 or info@wttconsulting.co.uk to arrange a call with one of our specialists.
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