COVID-19 government update Thursday March 27: Chancellor unveils self-employed income scheme

Today’s announcement saw Chancellor Rishi Sunak unveil a new support scheme for self-employed and freelance workers in the UK.

In the government’s daily COVID-19 press conference, the Chancellor reiterated previous advice issued: “it is absolutely critical that people follow our instructions”.

“Next step in the economic fight against the coronavirus pandemic with support for the self-employed.”

He continued: “I’m proud of what we’ve done so far, but I know that many self-employed people are deeply anxious”

“To you, I say this: You have not been forgotten. We will not let you behind. We all stand together.”

Mr Sunak went on to introduce the government’s new Self-Employed Income Support Scheme - a taxable grant worth 80 per cent of a self-employed worker’s average monthly profit from over the last three years - up to a limit of £2,500.

He explained that “providing such unprecedented support for self employed people has been a difficult process”.

In order to keep the scheme “deliverable and fair”, the Chancellor confirmed that there would be a maximum trading profit threshold of £50k, available to people who make the majority of their income through self-employment, and only to those already self-employed with a tax return from 2019.

In addition, Mr Sunak said that four weeks from today (March 26), anyone who missed the tax return deadline in January can now submit it in order to benefit from the scheme.