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:
- Sign up for Universal Credit
- Approach your bank to extend/arrange an overdraft
- Apply for a bank loan, or apply for a normal loan (Watch the interest rate)
- Ask for help from friends or family
Self-employed people who are not eligible?
- People who earn PROFITS of above £50,000
- Dividends paid will not form part of profits
- Monies re-invested into the business will not be included
- If you have become self employed during the last year
Shall I continue to work?
- 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.
- 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