A guide for the self-employed

UK Government financial support for business, employees and self-employed

Thursday 9 April, 2020

UPDATE: HMRC has now worked out who is eligible for its Self-Employment Income Support Scheme and will be writing to 3.5 million eligible individuals inviting them to claim when the portal opens on 13 May.

You can check to see if you are eligible here. You will need your Self Assessment Unique Taxpayer Reference and National Insurance Number.

Listen to a WebEx video highlighting the key features of the Self Employed Scheme here. 

You are eligible for the Self-Employment Income Support Scheme if:

  • You are self-employed or a member of a partnership
  • You have lost trading profits due to coronavirus
  • You have filed a tax return for 2018/19
  • You are still trading
  • You take more than half your total income from self-employment
  • You have trading profits of £50,000 or less. That means a trading profit of £50,000 or less in 2018-19 or an average trading profit of £50,000 or less from 2016-17, 2017-18 and 2018-19.  Please note HMRC appear to be basing this on the best outcome for you.

And remember, the Self-employment Income Support Scheme is different to the Coronavirus Job Retention Scheme as you can continue to run/work in your business and generate revenue…as well as claiming under the Scheme. In simple terms, you should still claim even if you are still working.

Debbie Bell, Financial Services Director in North London and Cheshunt reviews the UK Government’s financial support for business, employees and the self-employed.

Debbie Bell, Financial Services Director in Cheshunt said: ‘With the UK in the middle of the coronavirus outbreak, many small and medium-sized businesses are already feeling its effects. This is unlikely to be any different for your own business or your business clients. In the 2020 Budget on Wednesday 11 March, the Chancellor announced support for small businesses. This has now been extended and brought forward. We recommend if you manage your own business or you are self-employed you contact one of our financial planning team at our Goff’s Oak Head Office on 01707 872000. Our qualified financial advisers can review how the new government legislation will affect your business and your employees and offer personalised financial advice.’

In Summary...

Every business is different so if you require personalised financial advice during the Coronavirus outbreak call our experienced financial advisers now on 01707 872000. We offer a free initial financial review consultation.

Please download and read the following documents to help you get the appropriate financial support:

Self-employed - UK Government financial support packages June 2020 v9 Self-employment Income Support Scheme June 2020 v8 Self Employed – UK Government Financial Support Packages Flow Chart – April 2020

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