After the announcement of a package of measures last week to help businesses and employers through the coronavirus crisis, he has now turned his attention to helping the self-employed. This was, as expected, a much more difficult package to put together and although it has some similarities to the coronavirus job retention scheme published last week, there are a number of differences. HMRC has published a press release and also preliminary guidance.
The headlines are
We will provide a more detailed briefing this after further reflection. The Chancellor also said that the Government intends to start a discussion on the different tax treatment of the employed and the self-employed, something we have highlighted in the past.
I would also like to know this. Our firm acts for many clients in this industry - they run 5+ units and it is their full time income. They have correctly closed to save lives but their ability to access this scheme isn't entirely clear.
I have just been talking with someone whose average income for the past 3 years is just more than £50,000. Does that mean that there is no support available to him? Could some form of tapering be introduced? There is no such cliff edge under the Job Retention Scheme. I would be grateful for any comments/observations.
What about people who run holiday lets? They are not classified as self-employed. I am not talking about people with other incomes and just let out their holiday homes. There are some who run several holiday lets and this their main (or only) source of income. The 50% ruling on S/E income is fair. It should also be applied to holiday lets. Will ICAEW be making representations to Government about this?