Government Support for the Self-Employed

By Nick Adamthwaite

Yesterday, you’re likely to have seen that the government announced their eagerly-awaited income support package for the self-employed.

Up until this point, there had been little talk about how the self-employed were to be helped out other than through some helpful if not a little underwhelming tax-deferrals. These policies paled into insignificance when compared with the unprecedented, highly-commendable promise the government gave to the ‘employed’ workers last week, whereby 80% of wages up to a maximum of £2,500 per month are to be guaranteed.

The government has understandably had its hands full recently, however a lot of self-employed workers, many having seen their income completely disappear, were left wondering ‘what about me’?

While some will argue that it isn’t perfect, namely the recently self-employed, Rishi Sunak’s announcement yesterday will therefore come as a huge, huge relief for a significant portion of the five million Brits who do work for themselves. For many, it will mean no longer having to apply for support via the already-stretched Universal Credit system.

The key policies that make up the ‘Self-Employment Income Support Scheme’ (or, SEISS), are as follows:

To be eligible for the scheme, you must meet all the following criteria:

If you’re self-employed and meet the above criteria, you don’t need to worry about contacting anyone or applying for the grant. HMRC is working hard to roll this scheme out and will contact you directly if their systems identify you as eligible. You will have to wait until the beginning of June at the very least though, with the government confirming this is when they expect the first grant payments to reach those in need, however this is expected to be three months worth of income support in one go.

We’ll be keeping you posted with all the relevant government policy announcements as and when they happen, so be sure to keep an eye on our socials for further updates. For the official updates though, here’s the link: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

And finally, as ever, if you’re thinking now would be a great time to talk to someone about getting your finances in order, look no further. We’ve got the technology and processes in place to ensure our Advisers are able to continue accepting new enquiries, so get in touch today to arrange your no-obligation initial meeting.

#FinancialPlanning #FinancialAdvice #RishiSunak #SelfEmploymentIncomeSupportScheme #COVID19

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