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Help for the self – employed during covid-19

I know this is a very worrying time for many people particularly those who are self employed. I hope that some of this advice complied from numerous government sources will be helpful at this time. If you have any specific concerns please do not hesitate to get in touch with my office.

Claiming a grant through the coronavirus (COVID-19) Self-employment Income Support Scheme

This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.

Who can apply

You can apply if you’re a self-employed individual or a member of a partnership and you:

  • have submitted your Income Tax Self Assessment tax return for the tax year 2018-19
  • traded in the tax year 2019-20
  • are trading when you apply, or would be except for COVID-19
  • intend to continue to trade in the tax year 2020-21
  • have lost trading/partnership trading profits due to COVID-19

Your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment. This is determined by at least one of the following conditions being true:

  • having trading profits/partnership trading profits in 2018-19 of less than £50,000 and these profits constitute more than half of your total taxable income
  • having average trading profits in 2016-17, 2017-18, and 2018-19 of less than £50,000 and these profits constitute more than half of your average taxable income in the same period

If you started trading between 2016-19, HMRC will only use those years for which you filed a Self-Assessment tax return.

More information can be found at https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

Universal Credit

If you need to claim Universal Credit but have COVID-19 or are self-isolating, you will now be able to claim and to access advance payments upfront without needing to attend a Jobcentre Plus. Please visit https://www.gov.uk/universal-credit for more information.

Tax advice

Helpline: If you run a business or are self-employed and are concerned about paying your tax due to coronavirus, you can call HMRC’s helpline for help and advice: 0800 0159 559.

Other helplines

ACAS employment advice: Helpline 0300 123 1100

Citizens Advice Bureau Bargoed: 0344 477 2020

National Citizens Advice Bureau Adviceline: 03444 111 444

Help and advice from Caerphilly Council: 01443 866534.

Business support helpline: Business Wales Helpline : 0300 060 3000