Help for the self-employed?
It’s what we’ve been waiting for. The Chancellor’s support package for self-employed folk has arrived; here is our quick guide to support for self-employed.
We've gone through everything released and filtered the important things to know.
Fun fact: There’s FIVE MILLION self-employed workers in the UK and they’ve delayed this a bit whilst they try and work it out but it looks like this:
As Columbo said, there’s just one more thing:
At least half of your income must be from self-employment either from your 2018/19 tax return or the average of your last three years of tax returns: 2016/17, 2017/18 and 2018/19 tax returns.
Still with us?
Breathe, hang in there. Have a strong tea and a fruit shortbread and then double check the Government guidance if you’re not sure.
If you haven’t submitted your 18/19 tax return yet, you’ve got until Thursday 23 April; if you miss that you miss out on the scheme.
So, how do I apply?
You’ll be contacted directly by HMRC.
Who knows when – give them a chance to get it up and running and keep an eye on the business news. We’ll put something out as soon as we hear. We reckon you’ll have to fill out a form then the grant will be paid directly into the bank account details that HMRC already have.
What if I’m a company director?
This isn’t the scheme for you; most likely the Coronavirus Job Retention Scheme will cover your PAYE (but not your dividends – ouch.)
What if I’m not eligible for the Grant?
This is a really tough time for everyone and we’re here to help. It's all about being smart with what you have. Make sure you continue to put aside for tax if you are continuing to trade as the July self assessment tax payment has been deferred until January 2021.
And more importantly you can continue to trade and make money and it will not affect the grant or the amount.
A watchout: There are also quite a few scams going around claiming to be from HMRC. HMRC will only ever invite you to apply for something through their government gateway portal. If in doubt call HMRC to check.
Send us your questions, take help if you need it and keep an eye on our survival guide.
Help is coming and it’s ok – we’ve got you.