Support for the Self-employed
The Chancellor has announced a support package for the self-employed to match the package for furloughed employees. They will allow 80% of the profit earned on the last three years’ tax returns up to £2,500 per month. If you do not have three years’ tax returns they will accept what you have from one year’s tax return as a minimum. If you have not filed your tax return for 2018/19 due on 31 January, you have four weeks to submit the return allowing you to participate in this scheme.
Job Retention Scheme
The latest guidance for the Job Retention Scheme allowing employees to be paid 80% of their salary up to a monthly ceiling of £2,500 can be found HERE. Self-employed individuals who are owner-managers and pay themselves a salary through PAYE will be eligible for support. The HMRC Portal should be available in April and if members would like a ‘furlough letter template’ to send to employees, we have an example that we can share with you. Simply send the Chamber an email to email@example.com requesting the template.