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

HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational. HMRC will then pay the grant directly to eligible claimants’ bank account. Grants are expected to start to be paid out by beginning of June 2020.

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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