Please note: this article was correct at the time of writing and publication. However, please bear in mind that advice and guidance may change at short notice due to the nature of this unprecedented situation. We are doing our utmost to provide up to date information, as and when it happens.
For the latest, please visit www.ncass.org.uk/coronavirus
Following the Chancellor’s announcement yesterday 26/3/2020 in which he revealed his Self-Employed Income Support Plan, thousands of self-employed people will have breathed a sigh of relief. Many however have undoubtedly slipped through the net and are left wondering how they will remain solvent in this time of crisis.
What we now need to do is find out how these measures are affecting the sector as a whole, and to do that we need to gather as much information as possible on individual cases. This will allow us to get a better understanding of how successful the measures are.
We have put together a survey which will take just a few minutes for you to complete and will enable us to secure the relevant information. You can help by filling in the survey here
Here’s what we know so far:
The Self-Employed Income Support Scheme covers profits up to a maximum of £2,500 per month. The payment is taxable.
Payments are calculated on your average profits over three years up to 2019. – Should your average profits total £50,000 or more, then you are not eligible for the scheme.
You may continue to work without affecting your entitlement to the payment(s).
The payment will be made by June at the latest and will be backdated for three months.
Our main concerns following yesterday’s announcement are as follows:
The support doesn’t reflect seasonal working as event & festival caterers only have a very short summer window in which to earn their living
Those who are in their first year of trading are excluded and now have very limited support other than loans and potential access to Universal Credit.
That the support may not be available until as late as June which could have serious impacts on many businesses as cash-flow is already extremely challenging.
There are no grants available for businesses who do not pay business rates /who are not eligible for business rate relief.
We have compiled a list of our most frequently asked questions, following yesterday’s announcement, which you can find here.
We’ll update you when we have gathered the results from the survey and with any relevant updates, as and when we have them.Take our survey
To discuss any of the above points or if you have any questions, please contact your NCASS Account Manager on 0300 124 6866 Monday -Thursday 9-5:30pm and Friday 9am – 5pm.