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Here’s what you need to know about the proposed Eligible Income Subsidy Program (TIGS):

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The· Self-employed income support system (SEISS) Was the lifesaver of millions of self-employed people in the UK affected Coronavirus pandemic.. However, not everyone benefits because many workers are not eligible for grants. However, support may be provided in the form of the newly proposed Eligible Income Subsidy Program (TIGS).

Here’s everything you need to know about the new scheme.

What is TIGS?

This is a scheme aimed at supporting self-employed people who are excluded from the support package. It offers a one-time, one-time grant worth £ 3,500 to £ 7,500.

The gap behind the plan is to support an all-party parliamentary group of 262 members from various political parties in the United Kingdom.

Why do you need TIGS?

Support Gap According to APPG, the purpose of TIGS is to fill the gap in the government’s Covid-19 support package.

SEISS has provided the coveted support for self-employed people, but it’s not perfect. Many self-employed people in need of assistance are not eligible for this scheme.

There are about 5 million self-employed people in the UK. However, only 3.4 million people claim SEISS. This means that 1.6 million self-employed people may still need help.

In addition, many other companies are not considered self-employed by the definition provided by HMRC.

TIGS can help resolve this issue and ensure access to all self-employed people in need of support.

Not surprisingly, the system is already backed by self-employed people.

For example, Fiverr’s Global Extended Marketing Director, Liron Smadja, said:

“The ongoing issue of SEISS eligibility has prevented thousands of self-employed people from accessing government support.

The fourth grant should be an opportunity for the Prime Minister to resolve the crisis and acknowledge that this important sector of the economy needs to be seriously considered. “

Talking about freelancers, Smadja said many were “unaware and unqualified” for the current support scheme.

She urged the government to “promote the proposed target income subsidy system to support those who have been self-employed since April 2019.”

Who can benefit from TIGS?

TIGS covers four major groups. Here we have listed them along with their proposed grant amounts.

  1. New self-employed (£ 3,500). Those who will be self-employed after April 5, 2019 and are not eligible for SEISS under the current rules.
  2. PAYE Freelancer (£ 7,500).. A person who is identified as self-employed for tax purposes but pays part or all of his or her salary.
  3. Director of a limited company (£ 7,500).
  4. Taxpayers excluded by the SEISS 50/50 rule (£ 7,500).. The SEISS 50/50 rule requires that at least 50% of an individual’s trading profit be self-employed. Their total trading profit should also be less than £ 50,000.

Gap-in Support APPG states that the scheme, if approved, could support as many as 2.9 million UK taxpayers.

When will it take effect?

The TIGS proposal has already been submitted to the Treasury. Currently, no one knows if it will be approved.

Fortunately, Prime Minister Rishi Sunak said the government is considering a new plan.

However, no announcement is likely on the plan until the government budgets for it in March.

Other support and information

For now, you have to wait to see if the proposed scheme is approved.

In the meantime gov.uk website To find other support that you are eligible to receive if you are affected by the coronavirus.

Also consider our check Coronavirus Money Guide Includes tips to help protect your finances during these difficult times.


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Here’s what you need to know about the proposed Eligible Income Subsidy Program (TIGS):

https://www.fool.co.uk/mywallethero/heres-what-you-need-to-know-about-the-proposed-targeted-income-grant-scheme-tigs/ Here’s what you need to know about the proposed Eligible Income Subsidy Program (TIGS):

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