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Self-Employed Income Scheme Changes

Self-Employed Income Scheme Changes
The government has set up a Self-Employed Income Support Scheme that provides grant payments to many self-employed workers who have been adversely affected by the Coronavirus outbreak.
There are two grant payments (now that the scheme has been extended) that a self-employed worker may be entitled to.
The first taxable payment - that covers the months of March, April and May - has already been paid to those entitled as a lump sum. Payments were made between 13th and 25th May. It was worth 80% of their average monthly profits over the last three years* up to a maximum of £2,500 a month.
The second payment - due in August - will cover the three months of June, July and August. It will be worth 70% of the person's average monthly profits over the last three years* up to a maximum of £2,190 a month.
*Where someone has not been in self-employment that long a shorted period will be used.
The government have said that the scheme will not be extended beyond August.

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