UK Government announces financial support for self-employed

The UK government announces financial support for the self-employed

Chancellor Rishi Sunak has announced support measures for the self-employed who are affected by the outbreak of the coronavirus.

Chancellor Rishi Sunak

Mr. Sunak announced that a loss of income would result in a taxable grant to self-employed or partnerships that would be 80% of their earnings up to a limit of £ 2,500 per month.

This support will be available in a lump sum payment for three months and will be paid from the beginning of June.

The new measure is called Corona Virus Self-Employment Income Support Scheme and is open to those who have traded in the past fiscal year, are still trading and plan to continue doing so this year.

To be eligible for financial support, more than half of an applicant's income must come from self-employment.

The program is open to those with a trading profit of less than £ 50,000 in 2018-19 or an average trading profit of less than £ 50,000 in 2016-17, 2017-18 and 2018-19.

Those who have recently been self-employed and do not have a full annual account will not receive help under this system.

Andrew McRae

Andrew McRae, FSB Chairman for Scotland, The announcement commented: “Thousands of people who work for themselves in Scotland will now breathe a sigh of relief. This program will provide life-saving benefits to the self-employed and is aimed at people with low and middle incomes.

“We have to overcome the myth that those who work for themselves are universally rich. People like local artisans, cleaners and fitness trainers will benefit from this support.

“As with many of these government interventions, it will take a few weeks for this program to be implemented. Therefore, those who qualify should apply for interim financing from their banks when necessary, doing everything possible to manage their expenses. It's easier said than done, but with the help of the way, many self-employed will find it easier to rest. "

"During this crisis, we found the ministers in Edinburgh and London to be personable and accessible. These governments deserve recognition for helping companies face difficult circumstances that are neither under their control nor under their fault."

Dr. Liz Cameron

Dr. Liz Cameron, General Manager of the Scottish Chambers of Commerce, said: “The Chancellor has managed to deliver a support package for the self-employed that prioritizes the good over the perfect. It is a complex issue and we recognize the challenge that the Treasury faced to ensure that it is not forgotten.

“In essence, this support program will be a huge relief for the majority of the 320,000 self-employed in Scotland who are essential to the structure of our economy, particularly in rural areas. Our plea now is that the money has to flow quickly to support our companies, employees and communities. "

Dr. Adam Marshall

Dr. Adam Marshall, Director General of the BCC, added: “The Chancellor's announcement provides a lifeline to the vast majority of the UK's 5 million self-employed, many of whom have seen their livelihoods disappear overnight.

“Chambers and other groups of companies have worked constructively with the government to ensure that the self-employed receive support similar to that of those employed at PAYE.

“We welcome the scope of this scheme and recognize the complexity of its design. It is now critical that the government provide this practical support to local people as soon as possible. "

Read all of our articles on COVID-19 here.

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