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Coronavirus support for self-employed people

What financial support is out there for self-employed people during coronavirus (COVID-19)? On Thursday 26th March the Chancellor talked us through the next step in the economic fight against coronavirus with new support for the self-employed.

Introducing the Self-Employed Income Support Scheme

The government will pay self-employed people who have been affected by Coronavirus a taxable grant worth 80% of their average monthly profits over the last three years, up to £2,500 per month. This will be open to people for at least 3 months to anyone with trading profits up to £50,000, as long as the majority of income is self-employment. Only those with a tax return for 2019 will be able to apply. People should expect to access this scheme no later than June and HMRC will even contact self-employed people directly with a form to fill in.

Additional support

Self-employed people will also be able to access the business interruption loans.  If you have self assessment income tax payments due in July they can be deferred to the end of January next year. Self-employed people can also now access Universal Credit in full. This means that a self-employed person with a non-working partner and two children, living in the social rented sector can receive welfare support of up to £1,800 a month.  Also take a look at financial support for businesses during Coronavirus (Covid-19)

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