Welcome news to support the self employed

March 27, 2020

The Chancellor has announced a range of packages to support the self-employed, which mirrors the offering made to directly employed workers.

The scheme’s eligibility is for anyone earning less than £50,000, is based on the last three years tax returns and covers 80% of profits, up to £2,500. HMRC will directly contact those who are eligible.

Richard Beresford, chief executive of the National Federation of Builders (NFB), said: “This hugely welcomed news will support millions of self-employed workers and delivers a message that the Government really does believe we are all in this together.

It was also positive to see the Chancellor respond to our requests to ensure medium sized businesses can access the Covid Corporate Financing Facility (CCFF). Some of our members were too large for the small business loan but too small to be investment grade rated.”

Industry was also buoyed by the announcement that the Construction Industry Training Board (CITB) will suspend its levy payments for the next three months.

The NFB also recognises the importance of increasing business cash flow and has also decided to suspend its direct debit membership payments, for the next two months.

Where industry will remain concerned is the lack of clarity around whether the construction industry can continue operating.

Beresford continued: “We need the Prime Minister to come out and explicitly say that construction can continue if they are able to operate safely. This will instil confidence in the industry, reassure merchants they can reopen and allow businesses that are able to adhere to site operating procedures, to continue operating.”

National Federation of Builders

The National Federation of Builders is a United Kingdom trade association representing the interests of small and medium-sized building contractors in England and Wales.

You May Also Enjoy

what is happening to house prices
Letting Agent Talk

Smart Upgrades: Boosting Rental Property Value Without Breaking the Bank

Most landlords don’t have a vault of gold stashed away for renovations. If you do, good for you (and maybe hide it better?). But for the rest of us, improving a rental property usually means walking a tightrope between cost and ROI. So what can you actually do that won’t drain your savings, and still…
Read More →
Home and Living

Creating the Perfect Rental: Balancing Aesthetics, Functionality, and ROI

Let’s get this out of the way: “perfect” is doing a lot of heavy lifting in that title. Because, really, no rental is perfect. Not for everyone. Not forever. But if you’re aiming to create a rental that looks good, works well, and pays you back in more than just stress headaches? You’re in the…
Read More →
Letting Agent Talk

The Landlord’s Guide to Hassle-Free Maintenance and Long-Term Tenant Satisfaction

Do you own rental property? If yes, you already know that you are being put on a test: keeping things running smoothly while somehow managing not to lose your mind (or your best tenants). Maintenance. It’s not fun. But neglect it, and your rental becomes a revolving door of disappointed tenants and mounting repair bills.…
Read More →
Breaking News

Inheritance Tax Receipts raise £0.8 billion in one month

Inheritance tax receipts hit £0.8 billion in April 2025 according to data released by HM Revenue and Customs (HMRC) this morning. This is £97 million higher than in April of the previous tax year, and continues an upward trend over the last two decades. With such a strong start to the new tax year, predictions that Inheritance tax…
Read More →
Breaking News

Zoopla research reveals homeownership outranks marriage as top priority for UK adults

A new survey from Zoopla reveals that 48 per cent of UK renters in a relationship are prioritising saving for a home over a wedding, with this figure rising to 59 per cent amongst Gen Z The financial pressures of saving for a home have resulted in a fifth considering postponing marriage in favour of…
Read More →
Breaking News

London rental market rebalances amid rising supply

Foxtons data shows There was a 5% increase in market supply in April, and a 9%, increase in market supply of new instructions year to date The average rent in April 2025 increased by 3% to stand at £589 per week April saw a 3% month-on-month reduction in applicant registrations, which goes against the trend…
Read More →