Self-employed workers able to apply for a grant of up to £2,500 a month

[Irial]

www.bbc.co.uk/news/uk-52053914

Self-employed workers will be able to apply for a grant of up to £2,500 a month to help them cope with the financial impact of coronavirus, the chancellor has announced.

The money will be paid in a single lump sum, but will not begin to arrive until the start of June at the earliest.

Rishi Sunak told the self-employed: "You have not been forgotten."

Plans for 80% wage subsidies for staff kept on by employers were announced last week.

[Alwayscheerful]

Will they take any savings in to account?

[supersop60]

I missed the speech so will catch up later. I'm a music teacher and will still be able to reach my students online, so I'll be missing out on very little. My DP seems to think that we'll just get our calculated amount given to us, but surely we'd have to claim it?
I won't need to, and I don't want to get given anything that will ultimately cost me more to give back!

[DeanImpala67]

If you only have filed since 2018-2019 how would that work? I have been self-employed for the last 18months so only have 1 year of tax accounts filed. Can I do anything?

[Backyard72]

Thanks Bamboozled.

[Daisydoesnt]

Sunak said that HMRC will contact you if you are eligible. You will then need to complete and submit an online form.

[Sleepingboy]

Is it profit from self employment MINUS personal allowance? So what you were actually taxed on?

[StatisticallyChallenged]

No just profit.

[Neednewwellies]

How does this affect casual workers who not self employed but employed as and when by different companies?

[DreamChaser23]

It is good. But June! How will people afford their bills? I still think we should just given everyone a monthly payment like Ireland and Canada. It would also help groups like those on universal credit as well.

[RedDiamond]

@Backyard72 - Does this only apply to British passport holders does anyone know?

It applies to those self-employed persons who have filed self-assessment forms to HMRC and paid their taxes due. I doubt very much that the UK will pay foreign workers who do not pay UK taxes as they will have no evidence to base any grants on.

[Tashface]

It is good. But June! How will people afford their bills?
I'm guessing he'll want us to make use of the Business Interruption Loan? If it's interest-free for the first 12 months, in theory we could take out a loan now, and pay it back after June, with no interest to pay.

[Neednewwellies]

I’m thinking of my sister who contracts across many different companies but isn’t self employed. Rather she goes on their books for a short temp period. Anyone know where she stands? Thanks

[Tashface]

It can't possibly include 2020. Too many opportunities for fraud.
There'll be opportunities for fraud now that the late submitters have a further four weeks to submit their 2018-19 return!

[Blakes77]

Yes what about casual workers?

[Backyard72]

@RedDiamond Of course, not me, for a friend who has a hairdresser business, he had to shut down a week ago.

[Thesispieces]

It seems that this is primed for abuse. Especially when you can still work. I know self employed people that are busier than ever due to being able to use Skype for their service and now no longer having to travel. So can fit more ‘clients’ in. They aren’t reducing their hourly rates either.

[RedDiamond]

@Backyard72 Then that is good news for him!

[Backyard72]

well better than nothing for sure

[KoalasandRabbit]

I won't be eligible for this as became self-employed in October 2018 so eligible for zero help. Great.

[Sweatheart]

I know a lot of self employed people who only declare a small wage, so the dont pay tax or pay minimal tax. Including exh.

My heart bleeds.

[Itsnotthatcomplicated]

My heart bleeds.

Mine doesnt

[MrsWooster]

Koalas I started in July 2018, so filed a tax return for 2018/2019 as far as I can remember. Won’t you have filed something for the period between Oct 18 and April 2019? I’m going to scramble together this year (April 2019-April 2020) figures and submit it on 5 April if possible-maybe they’ll take that into account..?

[KoalasandRabbit]

Yes I filed for that year but was employed until October so I get nothing at all. If you got more from employment than self-employment that year you get 0. Even though I've earned 0 employed income since then.

[StatisticallyChallenged]

It's not clear re 19/20 figures but we'll certainly be submitting them.

[KoalasandRabbit]

19/20 figures aren't included. There's a statement with the details of HM Treasury twitter.