Financial help for the self-employed
‘You have not been forgotten’
This evening the chancellor Rishi Sunak outlined plans to help the 5 million self-employed workers hit hard by the ongoing COVID-19 pandemic. The following article will outline his proposal.
Please get in touch with your Swindells’ partner if you have any questions and they will be able to advise you further. Mobile and email contact details are available on our website home page here.
- The government will pay self-employed people, who have been adversely affected by the coronavirus a taxable grant worth 80% of their average income over the last three years, up to £2,500 per month, for at least three months. You are allowed to claim the grant and continue to do business. This should be accessible by the beginning of June.
- For those that do not have three years of accounts the government will look at the returns that you have; if you are recently self-employed the chancellor has said that you must look towards the welfare system to help at this time
- If you need immediate access to cashflow you are able to access universal credit benefits and an advanced payment is available.
- Self-employed people who are eligible can apply directly to HMRC for the grant, using a simple online form; HMRC will then pay the grant straight into your bank account.
- This scheme will be open to those with income of £50,000 or less, who make the majority of their income from self-employment.
- For self-employed people who are struggling now, most will be able to access the business interruption loans.
- The welfare system has changed so that self-employed people can now access Universal Credit in full.
- A self-employed person with a non-working partner and two children, living in the social rented sector, can receive welfare support of around £1,800 per month.
See our previous article:
If you have any questions or concerns at this time regarding what you are eligible for and how to gain access to these proposals; get in touch with your Swindells’ partner using the mobile contact details or email available on our website home page.
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