Statutory self-employment pay

The Coronavirus Bill, currently going through parliament is set to pay self employed 80% of their net monthly earnings (average over the last three years) or £2,917, whichever is lower. Workers who have only recently become self-employed would have to prove a record of regular income to claim the cash – through receipts and banking history.

Here is what the Bill says:

  1. The Secretary of State must, by regulations, introduce a scheme of Statutory Self-Employment Pay.
  2. The scheme must make provision for payments to be made out of public funds to individuals who are
    1. self-employer, or
    2. freelancers
  3.  The payments to be made in subsection (2) are to be set so that the net monthly earnings of an individual specified in subsection (2) do not fall below
      1. 80 per cent of their monthly net earnings, averaged over the last three years, or
      2. £2,917, whichever is lower.
  4. No payment to be made under subsection (2) shall exceed £2,917 per month.

  5. A statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of either House of Parliament.

As and when more information is available, we will update, this page.

Here is a link to the bill: https://publications.parliament.uk/pa/bills/cbill/58-01/0122/amend/coronavirus_daily_cwh_0320rev.14-18.html?fbclid=IwAR0WzxVlUNrYAV6P7rV7OPD3x8IGjMo4II9ki_i0nNor6Wakqtk-eklHaCQ

This page was last updated on 24 March 2020 – please see our follow up post – http://nicholsonandco.co.uk/self-employment-update/