The Chancellor, Rishi Sunak has announced that freelancers and the self employed will be able to claim 80% of their monthly wages up to a limit of £2.5k a month from the government to make up the shortfall in their income caused by the coronavirus pandemic.
“Monthly wages” will be calculated from average monthly profits over the last three financial years.
A similar scheme was opened up to cover the salaries of permanent employees earlier this week.
Sunak said the scheme would offer an ”unprecedented level of support.”
The scheme would apply only to those who are already self employed, have a self assessment tax return for 2019, have trading profits up to £50k a year with access to the scheme opening “no later than June.”