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Contractors and the newly self-employed urgently need more support
by Susie Hughes at 13:44 22/04/20 (News on Business)
Limited company contractors and the newly self-employed urgently need more support during the Coronavirus crisis.
That was the message from freelancer and self-employment group, IPSE, at an evidence session of the Treasury Select Committee.

IPSE's Andy Chamberlain called for the Government to extend the Coronavirus Job Retention Scheme to include dividends through which many limited company directors pay themselves.

Mr Chamberlain also urged the Government to let people who are new to self-employment submit their tax return for this year and use this to allow them access to the Self-Employment Income Support Scheme (SEISS).

Recent IPSE research shows that 69 per cent of limited company contractors and 43 per cent of sole traders do not feel there is enough government support to sustain them in the coming months.

Other key points from IPSE during the session were:

  • We need more support for limited company directors and the newly self-employed
  • The Self-Employment Income Support Scheme is generous, but has sharp edges
  • The UKs 710,000 limited company directors are getting little support compared to other groups
  • Many limited company directors pay themselves through dividends and cannot count this through the furloughing scheme
  • Government must not push ahead with the changes to IR35 and instead fully review the self-employed tax system.

Sharp edges
Andy Chamberlain from IPSE said: The Self-Employment Income Support Scheme is very generous its unprecedented but its got sharp edges. If you fall inside it, its good, but if you dont, you get nothing.

If you earn one penny over 50,000, you get nothing. If you only recently became self-employed, you get nothing. If youre working through your own limited company, you get nothing under this scheme although you may be able to get something from the Job Retention Scheme.

"What were saying is: the support available under the SEISS scheme is brilliant, but can we now get support for the people who are clearly falling through the gaps of it.

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Susie Hughes Shout99 2020

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