The Self-Employment Income Support Scheme opens for applications today. Self-employed individuals or members of partnerships whose business has been adversely affected by coronavirus will be able to apply for grant worth 80 per cent of their average monthly trading profits capped at £7,500 for a three month period. People will be able to make a claim on a specified day between 13 and 18 May, based on their unique tax reference number.
Businesses with supply chains which rely on Trade Credit Insurance and who are experiencing difficulties maintaining cover due to the pandemic will now be able to get support from the Government. Trade Credit Insurance provides cover to hundreds of thousands of business to business transactions, particularly in non-service sectors, such as manufacturing and construction.
Workforce
The Government has today published new guidance on how holiday entitlement and pay operate during this outbreak.
To support employees who are working from home and need to purchase home office equipment as a result of the outbreak, the Government will introduce a temporary tax exemption and National Insurance disregard. This will come into effect to ensure that eligible expense will not attract tax and National Insurance Contributions liabilities where reimbursed by the employer