The government has just announced up to £2,500 worth of grants per month( up to 80% of your income) for the self employed. The level of the help your receive will be worked out on your average earnings.
Only those who have filed a tax return can apply.
HMRC expect to be able to start this scheme from June. It will be backdated from June, so the self-employed will receive 3 months worth of money in June (backdated from 1st March).
All the detail hasn't been released yet.
Self-employed can access the business interruption loan (see below for some more info).
The self-employed can access universal credit in the mean time.
In the mean time get your mortgage payments frozen, look on:
Other help for businesses:
Defer VAT Payments:
VAT payments that are due between 20th March 2020 & 30th of June, can be deferred until January 2021.
If you have a VAT payment which is due between these dates, according to HMRC’s helpline you don’t need to do anything.
Businesses still need to file their VAT return by the due date.
Tip: Make sure you cancel any direct debit (to HMRC) which is already setup.
Payments due in July 2020, can be deferred until January 2021.
This is an automatic offer with no applications required. No penalties or interest for late payment will be charged if you defer payment until January 2021.
To get a small business grant of £10,000
This is for businesses which already get small business rate relief rural rate relief or tapered relief.
To be eligible you must:
• your business is based in England
• you are a small business and already receive SBRR and/or RRR
• you are a business that occupies property
You do not need to do anything. Your local authority will write to you if you are eligible for this grant.
Business Interruption loan: (Government backed guarantee.)
You may be able to get a Business interruption loan. These are available from high street banks, as well as challenger banks.
Loans can be worth up to £5 million, with finance being available as a loan, overdrafts, invoice financing as well as asset financing.
Note: The borrower remains fully liable for the debt
The government will pay the interest on the loan, for the first 12 months.
To apply for a loan, contact a high street bank, or a challenger bank.
Job Retention scheme:
If you’re an employer who runs a PAYE scheme, then take advantage of the job retention scheme
This applies to employees who have been asked to stop working, but who are being kept on the pay roll, otherwise described as ‘furloughed workers’. HMRC will reimburse 80% of their wages, up to £2,500 per month
Employers can use this for this month (March).
HMRC are apparently going to set up an online portal, where employers can get a reimbursement. We haven’t been told exactly how employers should access this yet. Therefore, more information is expected in the next few days (considering we are now very near to payday for most).
Statutory Sick Pay (SSP) paid for sickness absence due to Coronavirus:
• this refund will cover up to 2 weeks’ SSP per eligible employee who has been off work because of COVID-19
• employers with fewer than 250 employees will be eligible - the size of an employer will be determined by the number of people they employed as of 28 February 2020
HMRC’s ‘Time to Pay Service’:
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.
These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.
You’ll need to ring HMRC helpline to access this support:
0800 0159 559