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Support for Self Employed - Perthshire Chamber of Commerce

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.

Key Questions Answered

  • Who qualifies for the scheme?
  • What am I entitled to?
  • What if I have been self-employed for less than 3 years?
  • How long will the scheme be in place for?
  • Can I continue to work?
  • What do I need to do to apply?
  • What if I have not filed my self-assessment tax return for 2018-19?
  • When will the grant be made available and how will I be paid?
  • What if I am struggling with cash flow at the moment?
  • I pay myself a salary and dividends through my own company, can I apply?
  • Was there a sting in the tail?

Click here to read

Pamela Muir 

Partner
0141 483 9029
pmuir@thorntons-law.co.uk

 

Chris Allan

Partner
03330 166584
callan@thorntons-law.co.uk
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