{"id":84452,"date":"2025-02-12T19:20:54","date_gmt":"2025-02-12T19:20:54","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/covid-19-everything-you-need-to-know-about-the-available-self-employed-aid\/"},"modified":"2025-02-12T19:20:54","modified_gmt":"2025-02-12T19:20:54","slug":"covid-19-everything-you-need-to-know-about-the-available-self-employed-aid","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=84452","title":{"rendered":"COVID-19: Everything you need to know about the available self-employed aid"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>The government recently announced that self-employed workers can apply for a support scheme worth 80% of their average monthly profits.<\/p>\n<p>The aid has been put in place following increased pressure after the previously announced <a href=\"https:\/\/www.iris.co.uk\/blog\/covid-19-the-government-will-pay-80-of-workers-wages\/?utm_source=kashflow&amp;utm_medium=blog&amp;utm_campaign=cv\">job retention scheme<\/a> was put in place a week earlier that supports employers and their workforce.<\/p>\n<p>The Chancellor, Rishi Sunak stressed to the self-employed, \u201cyou have not been forgotten.\u201d<\/p>\n<p>The self-employed support scheme will provide workers up to a maximum of \u00a32,500 a month and will be paid in a single lump sum, but this aid will most likely not be in place until June at the earliest.<\/p>\n<p><strong>Details on the package <\/strong><\/p>\n<p>This support is available to workers who earn under \u00a350,000 a year which covers around 3.8 million out of the 5 million registered as self-employed.<\/p>\n<p>Sunak stated that the grant will be calculated based on their average monthly profits over the last three years and half their income must come from self-employment as registered on the 2018-2019 tax return filed in January.<\/p>\n<p>As an added measure to ensure nobody misses out on this scheme, the government has also extended the deadline for the tax return by an additional four weeks.<\/p>\n<p>While support is predicted to arrive in June, the funds will be backdated to March and in this time, the self-employed can continue to work, unlike the job retention scheme.<\/p>\n<p>A few key points to state:<\/p>\n<ul>\n<li>The grant will be taxable and will need to be declared on tax returns by January 2022<\/li>\n<li>Business owners who pay themselves a dividend aren\u2019t covered<\/li>\n<li>The scheme does not cover those who very recently became self-employed and the chancellor advises them to look at the available benefit system for support<\/li>\n<\/ul>\n<p>Sunak added that creating the scheme has been \u2018difficult\u2019 as the self-employed were a \u2018diverse population\u2019, but the plan is \u2018fair, targeted and deliverable\u2019.<\/p>\n<p>Faisal Islam, Economics Editor for the BBC <a href=\"https:\/\/www.bbc.co.uk\/news\/uk-52053914\">commented on the scheme<\/a>, \u201cThe Coronavirus Self-Employment Income Support scheme is another extraordinary, multi-billion pound support, reflecting the brutal economic impact of a shutdown designed to keep the pandemic in check.\u201d<\/p>\n<p><strong>How can KashFlow help?<\/strong><\/p>\n<p>KashFlow\u00a0can help you prepare and submit your self-assessment to HMRC with our <strong><a href=\"https:\/\/www.kashflow.com\/bookkeeping\/small-business-bookkeeping\/\">small business bookkeeping software<\/a><\/strong>.<\/p>\n<p>It\u2019s built for the self-employed and small businesses, so it\u2019s jargon-free, meaning you don\u2019t need to be an accountant to use it.<\/p>\n<p>With tons of extra features including cash flow reporting, invoices and taking card payments, KashFlow can provide you with added certainty in uncertain times.<\/p>\n<p><a href=\"https:\/\/www.kashflow.com\/try-kashflow\/\">Start your free KashFlow trial<\/a> now.<\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>The government recently announced that self-employed workers can apply for a support scheme worth 80% of their average monthly profits. The aid has been put in place following increased pressure after the previously announced job retention scheme was put in place a week earlier that supports employers and their workforce. The Chancellor, Rishi Sunak stressed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":84453,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[9821,13547,11010],"dealstore":[],"offerexpiration":[],"class_list":["post-84452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-aid","tag-covid19","tag-selfemployed"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>COVID-19: Everything you need to know about the available self-employed aid - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=84452\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COVID-19: Everything you need to know about the available self-employed aid - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"The government recently announced that self-employed workers can apply for a support scheme worth 80% of their average monthly profits. 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