Increased Self-Employed Support Announced

Increased Self-Employed Support Announced: A further update again for those who are self-employed – the next self-employed income support grant will increase from 55% to 80% of average profits – up to £7,500, covering November 2020 to January 2021. This is a new announcement made yesterday by the Chancellor.

This is all the information we currently have, we will be in touch with any further updates.

The Chancellor of the Exchequer Rishi Sunak said:

I’ve always said I would do whatever it takes to protect jobs and livelihoods across the UK – and that has meant adapting our support as the path of the virus has changed.

It’s clear the economic effects are much longer lasting for businesses than the duration of any restrictions, which is why we have decided to go further with our support.

Extending furlough and increasing our support for the self-employed will protect millions of jobs and give people and businesses the certainty they need over what will be a difficult winter.

On top of this, the government has announced:

• cash grants of up to £3,000 per month for businesses which are closed worth more than £1 billion every month
• £1.1 billion is being given to Local Authorities, distributed on the basis of £20 per head, for one-off payments to enable them to support businesses more broadly
• plans to extend existing government-backed loan schemes and the Future Fund to the end of January, and an ability to top-up Bounce Back Loans
• an extension to the mortgage payment holiday for homeowners
• up to £500 million of funding for councils to support the local public health response.

We are helping all clients with the increased Self-Employed Support which has just been announced. We offer a wide range of services for the self-employed and we are here to help you. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

Our fantastic team at A&C Chartered Accountants are here to help.