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Major package of support for the self-employed affected by the Coronavirus outbreak.

The Chancellor has announced a major package of support for self-employed individuals

The Chancellor announced a major package of support for the self-employed:

How do I claim the help?

  • HM Revenue and Customs (HMRC) will use existing information to identify those eligible and will invite applications
  • The application will require them to confirm that they meet the eligibility requirements
  • It will be paid straight into a bank account, which eligible taxpayers will need to confirm on their application form
  • People do not need to contact HMRC now, if they are eligible HMRC will contact them directly
  • The scheme will pay 80% of average monthly profits over the last three years, up to £2,500 a month, for three months initially
  • The money, backdated till March, will arrive directly into people's banks accounts from HMRC as a lump sum for all three months, but not until June
  • The grants will be taxable, and will need to be declared on tax returns by January 2022
  • At least half your income needs to have come from self-employment as registered on the 2019-20 tax return filed in January, or averaged over the three previous years
  • Company owners who pay themselves a dividend are not covered

Further details are available here: https://www.gov.uk/government/news/chancellor-gives-support-to-millions-of-self-employed-individuals