A glimpse of good news for self-employed individuals

There has been sight of some information online in relation to the proposed support available for self-employed individuals.  This has been summarised as follows:

1). The Secretary of State must, by regulations, introduce a scheme of Statutory Self-Employed Pay.

2). The scheme must make provision for payments to be made out of public funds to individuals who are:

  • Self-employed, OR
  • Freelancers

 

3). The payments to be made in subsection (2) are to be set so that the net monthly earnings of an individual specified in subsection (2) do not fall below—

  • 80% of their monthly net earnings, averaged over the last three years, OR
  • £2,917

whichever is lower.

4). No payment to be made under subsection (2) shall exceed £2,917 per month.

5). A statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of either House of Parliament.

 

The link to parliament publications is attached here:  https://publications.parliament.uk/pa/bills/cbill/58-01/0122/amend/coronavirus_daily_cwh_0320rev.14-18.html

 

We must stress this is not confirmed as of yet so please don’t go planning anything off the back of it.  We need to see what comes out of the daily updates from the Government but we are hopeful that something does materialise.

We will continue to update this and other information to the best of our abilities.  Thanks

 

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Huw Moseley
huw@link-accounting.co.uk