Support for Self Employed
Support for the Self-Employed
On 26 March the Chancellor announced his plan to help self-employed individuals who are at risk of losing their livelihoods due to the Coronavirus.
There is already a job retention scheme in place for the UK’s 28 million employees, as well as a number of schemes to support businesses. The government has been pressured to introduce similar measures to protect the 5 million self-employed in the UK.
The new self-employed income support scheme is targeted at those on lower incomes who have faced a large fall in demand for their services due to government ordered closures and social distancing. It is expected that it will help about 95% of self-employed individuals in the UK.
Whilst further information and details of the scheme are yet to be shared by HMRC, we have set out a summary of the initial guidance and answered some key questions below.
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