Categories
Covid-19

FINALLY Statutory self-employment pay

FINALLY Statutory self-employment pay

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.

https://publications.parliament.uk/pa/bills/cbill/58-01/0122/amend/coronavirus_daily_cwh_0320rev.14-18.html

Categories
Covid-19

COVID-19 Self Employed Gov Assistance

Update in response to Facebook change.org self-employed petition:

This is only a petition that’s going around, and one that would be extremely difficult, if not impossible to implement accurately.

While the we can expect an update on Government self-employed support soon, this petition has not yet been discussed in parliament.

It may be worth remembering that if such a petition would be actioned, the amount the Government would likely agree as your income would be your net profit, (Total earnings – Total expenses)

So it may be worth having a second glance over the expenses this year, before claiming for things that may not be allowable!
as this would reduce your net profit and any net profit based assistance.

Update to Universal Credit: you must apply as a couple if you live with a partner, even if you are not married.

Update to Small business reliefs and loans: A “Small Business” is defined by having a minimum of six employees, if you are a sole trader with less than 6 employees, you are a micro business

Currently, for Sole Traders and CIS subcontractors, there is very little government assistance other than an increase in universal credit and earlier access to ESA.

For 95% of my clients, that’s all the help available at this time.

https://www.gov.uk/universal-credit
https://www.gov.uk/employment-support-allowance

If you are due a tax rebate, you will of course still get it, there may be a slight delay with everything going on and the easter bank holiday but there will not be any major changes, it is business as usual.

With regards to delayed self-assessment payment, this is the second payment on account for 19.20 that can be delayed, if you do not pay tax bills at the end of the year, this will not help you.

It does not delay payment of your 18.19 Tax bill which was due in full by the 31st of Jan 2020.

If you are employed on a Zero hour contract you will not be assisted with the 80% pay protection, if you are self-employed you will not be assisted with the 80% pay protection. If you are not a small business and do not pay business rates you will not have access to grants for businesses.

if you are not VAT registered and do not pay VAT, delaying the VAT payment will not help you

More updates to follow.