Self-Employed Income Support Scheme (SEISS)
The Government are increasing its support to the self employed. Those who are self employed will be able to receive 80% of their average trading profits for November.
To ensure those who need support get it as soon as possible, grants will be paid faster than previously planned as the claims window is being brought forward from 14th December to 30th November.
More businesses will be able to benefit from government loan schemes which have been extended to the end of January, while firms can 'top up' existing Bounce Back Loans should they need additional finance.
Find out here if you are eligible for this grant.
The minimum income floor for Universal Credit has been suspended for twelve months – meaning self-employed people can now access, in full, Universal Credit at a rate that is equivalent to Statutory Sick Pay for employees.
Income Tax Self-Assessment Payments
For the self-employed, the Government are also deferring income tax self-assessment payments for July until the end of January 2021.
HMRC has a set up a new helpline to support businesses and self-employed people who are concerned about not being able to pay their tax due to coronavirus. The helpline number is 0800 024 1222.
Employment and Support Allowance
Self-employed people are able to access support through the welfare system when they are unable to work. If they have accumulated two years of NICs, they can claim ‘new style’ Employment and Support Allowance.