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Help for self employed

Self employed fellows,

The Government has just made an announcement regarding help for self employed and I wanted to share it with all of you.

Main points from the government's announcement:

Rishi Sunak said:

  • The scheme will only be open to those who are already self-employed and have a self-assessment tax return for 2019.

  • It will apply to those with trading profits up to £50,000 a year, he adds.

  • He said 95% of those who are majority self-employed will benefit.

  • He hopes people will be able to "access" the scheme "no later than June”.

  • He said self-employed people facing financial difficulties will be able to have 80% of their monthly wages covered by the government. He says this will be calculated using average monthly profits over last three financial years.

  • He says support will be capped at £2,500 per month, and will initially last three months.

My accountant has sent me some information from HMRC website regarding help for self-employed people, but she said obviusly, things can change. One of the main things she said was:

  • Self-Assessment payments due on the 31 July 2020 will be deferred until the 31 January 2021. This is an automatic offer with no applications required. No penalties or interest for late payment will be charged in the deferral period.

Btw she is great, she is british but based in Barcelona, so she speaks English and Spanish perfectly. She helped me SO much with my tax return, making everything so easy, so if you want I can just send you her contact, I recommend her 100%.

Here you can find links to find more information:

Hope this has been helpful!


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