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Self-employed people will be able to apply for a grant worth 80% of their average monthly profits over the last three years, up to £2,500 a month. Chancellor Rishi Sunak

Reported by: The Voice of UK (London)Chancellor Rishi Sunak  said the steps taken so far were “already making a difference” but it was right to go further “in the economic fight against the coronavirus”.
Self-employed people will be able to apply for a grant worth 80% of their average monthly profits over the last three years, up to £2,500 a month .

He said the grants would be available to people across the UK for at least three months, and longer if necessary.this will cover 95% of the self-employed who make most of their money from self-employment.
This is how it works:HM Revenue and Customs (HMRC) will use existing information to identify those eligible and will invite applications
The application will require them to confirm that they meet the eligibility requirements
It will be paid straight into a bank account, which eligible taxpayers will need to confirm on their application form
people do not need to contact HMRC now, if they are eligible HMRC will contact them directly

It will be called the Coronavirus Self-employment Income Support Scheme, and is open to those who were trading in the last financial year, still trading now, and planning to continue doing so this year.

More than half of a claimant’s income needs to come from self-employment.

The scheme will be open to those with a trading profit of less than £50,000 in 2018-19, or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2017-18.

Those who are recently self-employed and do not have a full year of accounts will not receive any help under this scheme.

The government’s new help comes on top of a six-month delay for tax payments through the self-assessment system.

Those with the lowest incomes are in line to receive more generous benefits payments, announced previously.
The chancellor said those applying for universal credit should be paid within a few days.

The money will be paid in a single lump sum, but will not begin to arrive until the start of June at the earliest.

Rishi Sunak told the self-employed: “You have not been forgotten.” 

Plans for 80% wage subsidies for staff kept on by employers were announced last week.

The chancellor spoke after the total number of people in the UK to die with Covid-19, the disease caused by coronavirus, reached 475.

The money will be paid in a single lump sum, but will not begin to arrive until the start of June at the earliest.

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