Statutory self-employment pay
About 15% of the UK workforce is self-employed – The measures introduced by Government so far have very little had a benefit for those self employed.
We have been watching the new Coronavirus Bill closely and have noticed enacted page 14 yesterday:
The Secretary of State must, by regulations, introduce a scheme of Statutory Self- Employment Pay.
The full Bill can be found online at:
What does this mean for me?
This is a game changer and is likely to mean that to follow in the next few days we should expect the UK Government to introduce some type of Statutory self-employment pay to ensure that net monthly earnings of an individual do not fall below 80% of their monthly net earnings, averaged over the last three years up to a maximum of £2,917 per month (£35,004 per year)
We know very little more information about this as we wait for the the statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of either House of Parliament. But we thought we would issue this out as a shining light for clients in the meantime – and will give further notice in due course.
Self assessment income including dividends and rental income
At present this does not indicate weather or not this includes earnings paid via the dividend system or other forms of self assessment income and this looks to be exclusively for the self employed. We will update as we know further information.