How do you come up with a fair support package that helps people whose income is so varied and irregular? It’s been a challenge for the Government, but the Chancellor, Rishi Sunak, has just unveiled a Self Employed Income Support scheme to help the 5 million self-employed. 

These are the main points, which are similar to the Job Retention Scheme:

  • A grant to the self employed of 80% of average monthly profits over last 3 years
  • Maximum of £2500 a month
  • Must have profits below £50,000
  • They must get the majority of their income from self employment
  • Must have filed a tax return for 2019
  • Late filers can have another 4 weeks to file tax return, so they qualify
  • HMRC will contact those who are eligible for grants
  • Payments made from June
  • The scheme will be reviewed in three months

It may be a while before we get the full details (we are still waiting for the regulations on the Coronavirus Job Retention Scheme, announced last week) but, on the face of it, this seems to be a helpful intervention by the Chancellor for those who most need the support.