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After increasing demand to help the 5 million self-employed people in the UK, the Chancellor of the Exchequer’s announcement at 5pm on Thursday 26th March 2020 focused on just this.
Information as of Thursday 26th March 2020 at 7pm UK
Rishi Sunak detailed measures to help the 15.3% of the UK's workforce affected by coronavirus but said this had been a complex task due to income variations. The new proposals are as follows:
The Chancellor has said this scheme should cover 95% of people in self-employment. If people need instant cash resources, they can still claim Universal Credit. There is currently a five week wait for Universal Credit; however, advance payments should be available.
If an individual does not have three years' worth of accounts, HMRC will look at whatever they do have - for example, if it's just one year, they will use that. Anyone who has not yet completed a tax return will not receive a payment.
The Chancellor has implied that this measure will lead to an equalisation of taxes in the future between the self-employed and employed population.
If you are self-employed or an employer who has self-employed workers, please contact Kiki Stannard or Carla Graves to discuss your specific circumstances:
Tel: +44 (0)20 7430 5913
+44 (0)20 7430 5936