What support is available for self-employed workers?
On 26 March the Chancellor announced a new Self-employment Income Support Scheme (SEISS) to support self-employed individuals (including members of a partnership) who have been impacted by coronavirus.
Those with average profits of £50,000 or less will be eligible for taxable grants worth 80% of their average profits over the last three years, up to £2,500 per month. The government have published guidance on how HMRC will calculate total income and trading profits.
The scheme will be open to those who earn the majority of their income from self-employment. If they are able to, individuals will also be able to continue doing work whilst also claiming this grant.
Guidance on claiming a grant under SEISS can be found here.
It is expected that the new scheme will be available from the beginning of June with payments backdated to the beginning of March. HMRC are intending to use existing records to identify those who are eligible and contact them directly with details of how to apply.
In addition, in his announcement on 20 March the Chancellor announced that he was suspending the minimum income floor for everyone affected by the economic impacts of coronavirus.
This means the self-employed can now access Universal Credit at a rate equivalent to Statutory Sick Pay for employees. In addition, support for rental costs may be available through Universal Credit.
You can find out more about claiming Universal Credit here. You can access Universal Credit whilst also receiving a SEISS grant.
The Chancellor also announced that the next self-assessment payments will be deferred until January 2021.
What support can I get with paying my mortgage?
The government have announced that homeowners and those with buy-to-let mortgages who are suffering financial difficulties due to COVID-19 will be able to apply for a three-month mortgage payment holiday.
To discuss the option of a mortgage holiday, it is suggested you contact your mortgage provider.
Further information is available on the UK Finance website here.
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