ICAEW presses for self-employed support
25 March: the economic impact of the coronavirus outbreak continues to cause uncertainty for millions of households, and ICAEW has urged the government to provide additional support for the self-employed.
The Institute has pressed government departments for direct action to support the self-employed, with Michael Izza making the case in Tuesday's Daily Telegraph and ICAEW technical experts working closely with HM Treasury and HMRC on the practical details of any measures to help.
The Chancellor of the Exchequer confirmed in a speech in Parliament yesterday that help for the self-employed was on the way and that the Government was 'determined to find a way to support them' but that the task was 'incredibly complicated'.
He commented: “Partly the issue is of course there are people whose incomes have been enormously impacted by what is going on currently, but there are also millions of people who are self-employed whose incomes may not have been impacted and indeed might be increasing. The ability of the government to distinguish between those people based on tax returns over a year and a half out-of-date poses some very significant challenges in terms of fairness and responsibility.”
The Chancellor last week unveiled unprecedented emergency measures aimed at enabling companies to keep people in employment during the coronavirus crisis, but organisations including the ICAEW have urged the government to do more to give parity to the UK’s five million self-employed workers.