Chancellor Rishi Sunak has set out a new financial support scheme for the self-employed.
The government is now offering a taxable grant worth 80% of average profits over the past three years, up to £2500 per month. It will be open for at least three months across the UK, and will be extended if necessary.
The grant is only available for those with taxable profits of up to £50,000, who make the majority of their income from self-employment.
Sunak added that to minimise fraud, only those already in self-employment who have a tax return for 2019, can apply.
He said: “We’re covering the same amount of income as we are for furloughed employees, who also get a grant worth 80%. That’s unlike almost any other country, making our scheme one of the most generous in the world.”
He added that 95% of people who are majority self-employed will benefit from this scheme.
The chancellor said that in order to make sure no one misses out on support the government will allow anyone who missed the filing deadline in January, four weeks from today to submit their tax return.