COVID-19: Self-Employed Support is Coming

Some welcome news for the Self-Employed

The chancellor, Rishi Sunak, is expected to announce that the taxpayer will pay self-employed workers up to 80% of their recent earnings to help contain the economic impact of coronavirus.

This has come as a result of the growing pressures from the UK’s 5 million self-employed after announcing an unprecedented job retention scheme for employees last Friday.

The Prime Minister said on Wednesday that the Government was preparing to “put its arms around every worker.” He said the self-employed would be offered “parity” with employees but didn’t share the exact details of this.

We now know that the support package is still be finalised, but it is suggested that it will echo the promise of covering 80% of recent earnings that Sunak made to employees last week.

It could be subject to a lower cap than the £2,500 in monthly pre-tax income available in that scheme, however – because the self-employed tend to pay less tax. Some groups, including those already claiming universal credit, could be excluded.

This is all we know now but as soon as we hear more, we will send updates across to you. Here’s to a little glimmer of hope.

Read more: https://www.bbc.co.uk/news/uk-52044542

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