Chancellor launches package which secures 80% of average monthly profits for self-employed

Chancellor at work Feb 20

Chancellor of the Exchequer Rishi Sunak has launched a package which secures 80% of average monthly profits for self-employed workers.

Up to £2,500, the financial package will come in the form of a grant.

Described as “one of the most generous packages in the world” by Sunak, the scheme will be available for at least 3 months, with the government extending this if necessary.

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Launched as part of today’s daily press conference, which are now being held virtually, the chancellor said the scheme was open to anyone with trading profits of up to £50,000.

The grant will be available to those who make the majority of their income from self-employment and who filed a tax return for 2019.

The average will be taken from profits over the past three years but is expected to also be available to those self-employed for one or two years as well.

Rishi Sunak further detailed that anyone who missed the filing deadline in January will be allowed 4 weeks from today to submit their tax return.

The support is planned to help 95% of people who are majority self-employed, with Sunak explaining that those who were not eligible had average earnings of more than £200,000.

The announcement was widely welcomed but did receive criticism because it was suggested the self-employed may have to wait until June to receive the financial help.

Tags : chancellorFinanceFundingself-employed
Alex Douglas

The author Alex Douglas

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