On Thursday the Chancellor laid out further details on support for businesses and individuals affected by the COVID-19 pandemic.
This most recent guidance only applies to the self-employed (i.e. sole traders and partners of partnerships).
It is important to note:
- It does not apply to directors of their own limited companies.
- The only comment we have so far from the government is “Those who pay themselves a salary and dividends through their own company are not covered by the Self-Employment Income Support Scheme but will be covered for their salary by the Coronavirus Job Retention Scheme if they are operating PAYE schemes”.
We understand that many of our clients have questions, some of which we have answered below: