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Wednesday 26th March 2020 – Live update

Posted on 26/03/2020

Today the Chancellor Rishi Sunak has announced to help support Business, Employees and individuals during this outbreak of Coronavirus:

  1. The next step in the Economic Fight with new help for the self employment. Rishi has said “You will not be forgotten” – The Self Employment – 80% of average monthly profits over the last three years, up to £2,500 per month grants will be provided to those self employed people averaged income over the last three years.
    1. It will be open to anyone of trading profits of up to £50,000
    2. The majority of their income has to come from self employment
    3. 95% of people who are self employed should be entitled to this.
    4. Only available for those who have filed the personal tax return for the tax year 5th April 2019 (ie: Not available to those newly self employed – they would need to rest on the Universal Credit system)
    5. Grants should be available early June 2020.
    6. Nothing yet measured about Owner Managed Businesses trading via a Company or those who draw their income via a mix of a small salary and dividends. (An Owner Managed Business (or OMB) is any business, but a legal entity Company other than a sole trader or partnership. Where daily management rests on the shoulders of the people who own the business, unlike large corporate organisations where the line between management and ownership is distinct.)
    7. People given four weeks now the opportunity to file their tax return for the tax year 5th April 2019 who have not yet done so already.
    8. If you do not have a full three years history – HM Revenue & Customs know this and will use what they have got.
    9. There will be a form for people to fill in. They will be contacted by HMRC.
    10. They can continue to work whilst receiving their grants.
  2. Detailed guidance of the Coronavirus Job Retention Scheme will be published this evening
  3. 30,000 people showing an interest in the Coronavirus Business Interruption Loans Scheme 
  4. 17,000 time to pay arrangements set up.

Remember that tonight we are providing a live stream with a Q&A of how this will effect you and your Business as a self employed individual – we cannot promise you that we will have all of the detail but we will to our best to provide the best interpretation we can of legislation. You can find more information here.

 

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