What Support Has the UK Government Provided for Self-employed Professionals?
The Coronavirus (COVID-19) outbreak has had a huge impact on the world of business, with companies of all sizes and industries concerned about how they will survive. But, no industry has been impacted more than mobile hair and beauty businesses, with freelancers and self-employed artists unable to offer their services to regular or new clients.
However, if you are in the UK, there is government support, with various grants, loans and schemes out there for self-employed individuals and business owners to make use of.
The term ‘furlough’ has become a bit of a buzzword in recent weeks. While a new concept that many of us are a little confused by, having the option to furlough yourself or staff is proving a saving grace for businesses across the nation.
Basically, if you can no longer continue working due to lockdown, you can claim 80% of your usual wage from the Government. Looking at your payslips or tax return from the previous year; the government will take into account everything aside from dividends.
Reviewed monthly, self-employed individuals can claim from the beginning of March 2020. What’s more, the whole application can be done online, taking just a few minutes to make the claim. If approved, the money will be in your account within a week.
Self-Employment Income Support Scheme
While having 80% of your wages through the Furlough scheme is a great help, for most businesses there are still various other bills such as property rent and insurance to keep paying. And, without any income, business owners are understandably worried about how they will keep things afloat.
This was the thinking behind the launch of the Self-Employment Income Support Scheme developed by UK Government shortly after the Coronavirus outbreak made its way to the UK.
The scheme permits those who are self-employed or part of a business partnership to claim a taxable grant of 80% of their monthly trading profits. Covering three months at a time, the payment is made in one instalment and is capped at £7,500 for the three months. Although a temporary scheme, Government is under pressure to extend this scheme and help businesses navigate themselves through the crisis.
Again, the application for this grant can be competed on the UK Government’s official website, with the amount you receive based on your 2018 to 2019 Self Assessment tax return.
If cashflow is dire and you find yourself without enough money to live as many self-employed people have, there is now the option for you to claim Universal Credit. You can ask for an advance payment when filling out the application too.
Are you a HMUA looking to secure work post-lockdown?
While there is lots of support being offered by the UK Government, there are also many things self-employed HMUAs can do to help themselves during the pandemic. This includes setting up a professional account with us at Glamdeva.
Through Glamdeva, you can connect with customers across your region, with Glamdeva providing you with one central place to promote your services and take bookings. Sign up today and see for yourself.