Whilst there is little detail other than a draft amendment to the Coronavirus Bill making its way through Parliament, a scheme of statutory self-employment pay is now being proposed. The Chancellor, Rishi Sunak is expected to make an announcement in the coming days about how such individuals will be supported. The terms of this support which apply to the self-employed and freelancers are currently stated as follows:
The payment will be calculated so that the net monthly earnings, do not fall below
- 80% x monthly net earnings averaged over several years, possibly the last three or
- £2,917, whichever is the lower.
Under questioning from MPs yesterday, Mr Sunak conceded that designing a scheme “based on tax returns that are over a year and a half out of date, poses some very significant challenges in terms of fairness and affordability”. No further information is available at the moment as to the precise calculations nor the mechanism by which this funding will be accessed but we will be providing updates as and when we have more detail.