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Self-employment scheme extension: What support is available for self-employed? | Personal Finance | Finance

However, the Chancellor’s announcement has also been met with criticism by some who say the scheme’s extension does not provide enough support for the self-employed.

Rachael Griffin, tax and financial planning expert at Quilter, told “It is no surprise that the self-employed have felt largely forgotten during the pandemic.

“Only after considerable lobbying at the start of the crisis did the Chancellor act and introduce a new scheme for the self-employed, and even then it excluded many, thanks to the requirement for average trading profits to be under £50,000.

“But while the first grant was worth 80 percent of average trading profits, and the second worth 70 percent, the next phase of support announced by the Chancellor today will only be worth a measly 20 percent of average trading profits.

“Compared to employed workers who will receive the lion’s share of their pay from the new job support scheme, the self-employed may get the feeling they have been left high and dry by the Treasury.”

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