BREAKING NEWS: Government Will Pay Self-Employed a Taxable Grant of 80% up to £2500

26 Mar 2020

Today the government announced it will pay the self-employed a taxable grant of 80% of their average monthly profits over the last 3 years, up to £2500 per month.

The scheme is open to anyone with trading profits of up to £50,000 and adversely affected by the Coronavirus. It is estimated to cover 95% of self-employed people and is estimated to be up and running no later than the beginning of June.

Chancellor Rishi Sunak said: "I know that many self-employed people are deeply anxious about the support available to them. You have not been forgotten, we will not leave you behind, we will all stand together."

HMRC will be contacting those that are eligible directly.

The Chancellor also asked businesses to read the detailed information on how they can use government support to retain their staff.

Read more about the government’s announcement here.

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