The Government is working to minimise any social and economic disruption as a result of Covid-19.
We have introduced several measures to support the self-employed, including the Coronavirus Business Interruption Loan Scheme, mortgage holidays, the delaying of IR35 by a year to April 2021, and support for people struggling to pay their energy bills. Self-employed people will also be able to claim Universal Credit at a rate equivalent to Statutory Sick Pay for employees and may be eligible for Contributory Employment and Support Allowance (which is now payable from the first day of sickness, rather than the eighth). We have also deferred Income Tax Self-Assessment payments due in July 2020, to January 2021.
Following the Chancellor’s latest announcement, the Government have introduced the Self-employment Income Support Scheme. This will support self-employed individuals, including members of partnerships, whose income has been negatively impacted by COVID-19. The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month. HMRC is urgently working to deliver the scheme and we are expecting to start to pay grants by early June 2020.