Government confirm support for the self-employed

Share it

Today the British Chancellor Sunak has just outlined an unprecedented of level of financial support for the self-employed in response to the COVID-19 situation, which we at The British Institute of Kitchen, Bedroom & Bathroom Installation (BiKBBI) broadly welcome.

Key outputs from today’s announcement:

  • The Self Employed Income Support Scheme (SEISS) launched today:
  • Self-employed will have access to a SEISS grant of up to £2500 per month of up to 80% of profits for those who earn up to £50k (This covers 95% of the self-employed);
  • This SEISS grant will be paid in one lump sum, in June;
  • The SEISS grant will be available only to those already in self-employment, with a 2019 tax return – Those who haven’t submitted their 2019 tax return have 4 weeks to submit one from today;
  • The SEISS plan will be in force for 3 months, but will be reviewed with a view to extend if necessary;
  • HMRC will contact the self-employed directly and the SEISS grant will be paid directly into bank account in June.
  • Self-employed can now access the business interruption loan initiative. Contact your bank for details;
  • Self-employed can apply for time to pay HMRC liabilities (tax & VAT);
  • Self-employed will have access to Universal Credit in full, up to £1,800 per month where applicable. 

In preparation for HMRC contact, we suggest that members review the last three years of annual income tax returns (or whatever they do have), which will help them understand how much can be claimed when the time arrives.

BiKBBI’s resident accountant, Dean Flood of Rowland Hall, will assist us to communicate updates over the next few days, details of which will be published on our news pages daily and regular member email updates.

The above support is in addition to the support already laid out by government, to include penalty free mortgage and rent relief, the deferring of HMRC liabilities, grants and cashflow loans – all of which are detailed within the government website.

More about BiKBBI