Proposed scheme for self-employed

In times of uncertainty we are seeing the demand for advice increase. We understand the frustrations our clients who are self-employed or freelance.

The Coronavirus Bill includes provisions for a proposed scheme of statutory pay for the self-employed which would if enacted as written, be similar to the Job Retention support scheme already introduced for employees.

The Bill is currently going through the House of Lords with the final stages expected to take place on 25 March 2020. It should be noted that this is a work in progress as amendments to the Bill remain possible during the House of Lords committee stage.

As currently written the Bill includes provision for payments to be made by the government to the self-employed and freelancers so that their net monthly earnings do not fall below the lower of:

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

Payments would be capped at £2,917 per month.
The comparable Job Retention scheme for employees will apply to furloughed workers laid off during the crisis and has a cap of £2,500 per month. There are not, as yet, any details available as to exactly how this would work for the self-employed. More details are expected by 25 March.

We are always here to help our existing clients and their family and friends, as well as being available to new customers who find themselves in need of guidance.

We can deal with this safely from your own home, through our video conferencing facility and state of the art technology that keeps you aware of your position at all times.

Stay safe and have a good weekend

Need more information?

We offer a wide range of services which are unique to your businesses who are just getting going! Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. 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.

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