But are you one of the special ones who even qualify for the scheme?
The plans leave out almost two million people – those who earn less than half of their income from self-employment, and people reporting self-employed profits above £50,000 a year.
There’s also the currently unknown number of people who have been trading for less than a year and therefore have not submitted their tax returns for the years 2018-19 so cannot have any entitlement calculated.
So if you only became self-employed this year, or make too little to play tax, this is not for you.
Just found out if you have been self employed under 12 months you do not qualify for 80% of average wage well in th… https://t.co/IKg0qpiB9z
Sunak suggested that in the meantime, those waiting until May, self-employed people can apply for Universal Credit. The Chancellor said that payments for Universal Credit will be raised so that the self-employed will receive £94.25 a week.
But there’s yet another catch, because of course there is.
As most self-employed people know, it makes sense to put aside a portion of earnings to pay tax and NI at the end of the year. But if you have savings above £6,000 your Universal Credit allowance will be reduced, and if you have over £16,000 in savings you will get a big fat nothing.
This will likely force people to dip into the money they have set aside to pay tax, and then be unable to foot the bill when it drops through their letter box next year.
Can't qualify for universal credit because I have to much savings.. Exactly fucking SAVINGS that I've saved hard fo… https://t.co/tgbLTnu1PZ