The 'Newly Self Employed Tax Relief Scheme' (NSETRS) is to provide support to thousands of people who fell through the holes in the original Self employed income support scheme (SEISS).

***No cash payment required from the government therefore lowering the risk of fraud***

The 'newly self employed' will have cash set aside for their tax return 2019/20.  The NSETRS will provide a tax relief based on their earnings for the tax year 2019/20. 

Instead of being paid a lump sum like SEISS, NSETRS will reduce the amount of tax owed on your 2019/20 tax return. 

- NSETRS to be based on 2019/20 tax return only. 

- Tax relief equivalent to 80% average monthly earnings.

- Maximum relief equivalent to £2000/month. 

- Maximum one off tax relief up to £6000

- Support from April to July 2020 (3 months like SEISS).

- Relief cannot be used in conjunction with SEISS or furlough. 

- If you have already paid your tax return for  2019/20, a rebate will be applied. 

- If the reduction results in being in credit, it will be forwarded onto the following tax bill.

This will go a long way in supporting individuals who became self employed within the past 19 months. 

- It is a fair scheme for the majority of 'newly self employed' who currently have no support. 

- No upfront cost to government. 

- Reduced likelihood of fraud.