Yesterday evening, the Chancellor announced a new Self-employment Income Support Scheme to support self-employed people who have been adversely affected by COVID-19.
GOV.UK has further details about who is eligible for the scheme and how it will work. https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme
Self-employed people do not need to get in touch with HMRC as the scheme isn’t yet open for applications. HMRC will contact eligible customers by the beginning of June, inviting them to apply.
The government has also introduced the following help for the self-employed:
Deferral of Self Assessment Income Tax payments due in July 2020 and VAT payments due from 20 March 2020 until 30 June 2020
Grants for businesses that pay little or no business rates
Business Interruption Loan Scheme
Directors of their own company paid through PAYE, may be able to get support using the Job Retention Scheme.
Increased amounts of Universal Credit https://www.gov.uk/universal-credit
During these exceptional circumstances I will be trying to share helpful information for those struggling with their finances, via my blog and facebook page. If you are struggling to get your head round anything, please do reach out for for advice and support, whether that's to myself, another accountant or bookkeeper or HMRC directly. We are all in this together!