Self Employed | Glasgow Chamber of Commerce

Self Employed

Self-Employment Income Support Scheme

The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.  Eligibility criteria is set out here

 

On 29 May, the Chancellor announced that the Self-Employment Income Support Scheme will be extended - with those eligible able to claim a second and final grant capped at £6,570.

  • Individuals can continue to apply for the first SEISS grant until 13 July. Under the first grant, eligible individuals can claim a taxable grant worth 80% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £7,500 in total. Those eligible have the money paid into their bank account within six working days of completing a claim.
  • Applications for the second grant will open in August. Individuals will be able to claim a second taxable grant worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total.

UK Government Self Assessment [LIVE]

For Income Tax Self-Assessment, payments due on the 31 July 2020 will be deferred until the 31 January 2021. 

This is an automatic offer with no applications required. 

UK Government Universal Credit [LIVE]

If you are not eligible for SSP – for example if you are self-employed or earning below the Lower Earnings Limit of £118 per week – and you have COVID-19 or are advised to stay at home, you can now more easily make a claim for Universal Credit. 

Mortgage / rent support [LIVE]

The government has agreed with mortgage lenders that they will offer repayment holidays of 3 months to households in financial difficulty due to COVID-19 and this will also apply to landlords whose tenants are experiencing financial difficulties because of COVID-19. 

To access support, speak to lender directly. 

Loans / credit cards [LIVE]

If you are experiencing difficulties paying back personal loans or credit card bills as a result of COVID-19, you should read the following information:

  • the Financial Conduct Authority (FCA) called on lenders to use flexibility built into their rules to support consumers, taking into account customers’ individual circumstances. Many major lenders have already made statements to this effect
  • if you are experiencing difficulties paying back loans or credit card bills because of COVID-19, you should talk to your lender
  • if you agree a payment holiday with your lender, they should record these in such a way that will not impact on your credit score 

To access support, speak to lender directly.

 

 

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