Government Help for Self-Employed Folk

Right. It’s taken them a while, but the government has come up with a plan for self-employed people, and it’s pretty much the same as the help for employees of furlough. They’re promising 80% of profits, up to £2,500.

That’ll be based on average profit per month, based on people’s last three years of tax returns.

If you haven’t yet got your 2019/20 tax return in (aargh!), you’ve got four weeks to file it, and that’ll contribute to your calculation.

The Chancellor of the Exchequor, Rishi Sunak, says that it should cover 95% of self-employed people (those with average profits of over £50K aren’t included).

That’s the good news. The bad is that payments won’t be paid until June, BUT they will be backdated to March.

We’ll get the relevant links to you ASAP, but those are the headlines.

Take care

TWFx

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