Self employed workers in the UK will be invited by the HMRC to apply for support during the coronavirus pandemic.
Those eligible will be contacted by the government, over its Self-Employment Income Support Scheme (SEISS).
The SEISS offers a taxable grant worth 80% of trading profits, up to a ceiling of £7,500.
Any support will be paid in a single installment.
Broad Eligibility Catagories
Individuals are eligible if their business has been adversely affected by coronavirus.
Recipients would have to have been operational in 2018 and last year.
Also, half of their annual earnings would have to arrive through self employment.
Trading profits cannot exceed more than £50,000 per year.
The HMRC will help those who qualify for the scheme over several conditions.
This includes assistance on income tax deferrals, rental support and mortgage holidays.
Additionally, beneficiaries will be guided on business support schemes, and universal credit.
Scheme Brings Self Employment Parity
The scheme is an attempt by the government, to treat the self employed equally to company employees.
Staff workers have been protected by the Coronavirus Job Retention Scheme.
Where 80% of personnel salaries are paid by the scheme, up to £2,500 per month.
More Than 5 Million Self Employed
There are now more than 5 million self employed people in the UK, according to the Office of National Statistics.
Its a rising demographic, now 15% of the total workforce.
Working for yourself, as opposed to running a business, is main type of self employment.
Back in 2000 there were relatively small 3.2 million who ventured into self employment.