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Wed 25th March – Total UK Cases 9,529 – Total UK Deaths 422

Options for the Self Employed

1 min read

The government have now put together a package for the Self Employed, what does this mean for the 3.8 million Self Employed people?

Will I have to survive until June?

YES, these payments will not be made before June, in the meantime the options are:

  1. Sign up for Universal Credit
  2. Approach your bank to extend/arrange an overdraft
  3. Apply for a bank loan, or apply for a normal loan (Watch the interest rate)
  4. Ask for help from friends or family

Self-employed people who are not eligible?

  1. People who earn PROFITS of above £50,000
  2. Dividends paid will not form part of profits
  3. Monies re-invested into the business will not be included
  4. If you have become self employed during the last year

Shall I continue to work?

  1. Currently it appears trades like window cleaners, gardeners etc can continue to work as they are working outside. Plumbers, Electricians can attend emergency callouts. Hairdressers have already closed.
  2. The government guide lines is that businesses can only continue to operate if they are classed as an ESSENTIAL service/business.

For more information re VAT, TAX etc CLICK HERE

 

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