U.K. Chancellor Announces Emergency Measures For Freelancers

Published on Mar 26, 2020

U.K. Chancellor Announces Emergency Measures For Freelancers

The U.K. has finally announced an economic relief package for freelancers not in employment after much of the country’s creative industries shuttered due to the coronavirus pandemic.

Chancellor of the Exchequer Rishi Sunak announced the self-employed income support scheme on Thursday. Self-employed individuals can claim 80% of their average income over three years up to £2,500.

To be eligible, individuals must earn the majority of their income from being self-employed, have profits up to £50,000, and have a self assessment tax return for 2019. The taxable scheme will begin from June and payments will be backdated to March 1 with applicants being paid for three months in one go. The scheme will last for three months, with an option of extension.

Those with an immediate need for finances can access Universal Credit or a business interruption loan.

Sunak said that the scheme will cover 95% of the self-employed. The remaining 5% have incomes of more than £200,000, Sunak said.

Read full article at: Variety - Film News

Author: Naman Ramachandran