Government will pay self-employed workers 80% of their average profits over the last three years – up to £2,500 per month.

coronavirus

The Chancellor Rishi Sunak has today announced a support package for self-employed workers who have been left out of work due to the coronavirus pandemic.

Mirroring the support offered to workers last week, Mr Sunak announced the Self-Employed Income Support Scheme which will pay self-employed workers 80% of their average monthly profits over the last three years. The taxable grants will be limited to £2,500 per month, and the scheme will be open for three months initially.

The scheme is only open to those with trading profits up to £50,000 per year who make the majority of their income from self-employment. It will also only be available to those who submitted a tax return for 2019 as a way to minimise fraud.

The scheme is due to come into force in June 2020.

See the full details of the scheme and Rishi Sunak’s breakdown below:

In announcing the scheme, Rishi Sunak admitted there had been challenges in creating a support package that was fair for all. However, the initial response from groups representing freelancers and self-employed workers was largely positive.

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