Boris Johnson and the Chancellor Rishi Sunak have announced unprecedented support for the economy which include a wage subsidy for those in employment.
Millions of self-employed workers say they have not received the same level of support at a time when sole traders are under enormous financial strain. An online petition has received nearly 30,000 signatures calling for the Government to ‘pay self-employed workers a wage due to lack or earnings caused by COVID-19’. Feel free to lend your support on this page:
https://petition.parliament.uk/petitions/303345
What’s the current support for sole traders & self-employed?
HMRC & Self-Assessment
Income tax self-assessment payments due on the 31 July 2020 will be deferred until the 31 January 2021. Furthermore, Businesses will not have to make VAT payments in the period from 20 March until 30 June 2020.
HMRC have set up a helpline 0800 0159 559 for people concerned about not being able to pay their tax due to the COVID-19 pandemic.
Employment and Support Allowance (ESA)
If you are self-employed and have COVID-19 and/or have been advised to stay at home you can now make a claim for statutory sick pay. Visit the government website for more information.
Universal Credit
The housing payment within universal credit (which impacts renters and interests on mortgages) has been increased quite substantially. For more information or to make a claim visit the Universal Credit section of the gov.uk site.
More support on the way?
Liberal Democrat MP Munira Wilson submitted an amendment to the Coronavirus Bill last week. The purpose of this amendment is to bring parity between employees and sole traders by topping up ‘self-employed workers’ earnings to up to 80% of their net monthly earnings averaged over three years, with a maximum £2,917 a month.
Martin Lewis of MoneySavingExperts.co.uk is urging the self-employed to ‘hold-on’ as changes are coming. Lewis’ estimation is that we should have more clarity at the end of this week once the Chancellor makes his televised statement.
Stuck at home in self-isolation?
If you are currently self-isolating or find yourself with more spare time why not sign up for one of our online electrical courses? Trade Skills 4U are launching Virtual Classroom Training (VCT) from next Monday 30th March – find out more about VCT at the following link or call our team on 01293 529777.