Job Retention Scheme

Please see link to the Government website which provides up to date information on support for employers through the Job Retention Scheme - read full guidance.

A scheme has been announced which will apply to the self-employed. The key points are:

• Income Support Scheme (average income over last 3 years) will pay self-employed people a taxable grant worth 80% of average monthly income, capped at £2,500pm. The scheme is only open to anyone with trading profits of up to £50,000. Self-employed people who earn more will not qualify.
• The self-employed can continue to do business, a difference from the employee scheme.
• It is only available to those who have submitted a Tax Return for 2019 (this is to minimise fraud). However, those who did not submit their Tax Return by the due date of 31 January 2020, and have not yet submitted one, can still submit a Tax Return for 2019 for a further four weeks from today. HMRC will contact eligible self-employed people directly and pay the grant straight into their bank account after inviting them to fill out an online form.
• The scheme will be open to people across the UK for at least 3 months. It is unlikely to be up and running before the end of June.

Please do not hesitate to contact our Head of Employment, Iain Jenkins at i.jenkins@mccormicks-solicitors.com if you need any assistance.