Coronavirus: help for the self-employed

The government has unveiled new measures for sole traders. But it is complicated – so read the small print carefully.

Rishi Sunak’s scheme comes with several catches © Getty

A week after announcing unprecedented support for employees at risk of losing their jobs, the government bowed to pressure to offer similar help to millions of self-employed workers. But Chancellor Rishi Sunak’s Self-Employment Income Support System is complicated and many self-employed people will miss out.

The scheme offers support to self-employed workers, including those in partnerships, who have suffered a loss of income because of Covid-19. They’ll be eligible for a taxable grant worth 80% of their average monthly profits over the past three years, up to a maximum of £2,500 a month.

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David Prosser
Business Columnist

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.