What financial help and support is available for the self-employed during and after Covid-19?
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Has your income been affected by the pandemic? If so, you may be entitled to some financial relief.
Chris Lewis from Albert Goodman Chartered Accountants in Taunton explains what financial support is available for self-employed workers to help them survive during Covid-19.
Q: What support am I entitled to as a self-employed worker?
A: You can apply for the Self-Employment Income Support Scheme. The scheme has been extended until January 2021 and a second grant will run from February 2021 until April 2021. Currently, the scheme entitles you to receive up to 80 per cent of your average monthly profits, for up to three months. This covers any amount up to £7,500.
We can check your eligibility, help you gather the necessary documents and make applying simple and stress-free.
Q: What can I do if my income has dropped because of coronavirus?
A: You may be able to apply for Universal Credit to help support your income. You need to provide information about your regular household income to learn how much you can receive.
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If you have been asked to self-isolate through the NHS Test and Trace system and aren’t able to work from home, you may be entitled to receive up to £500 by applying for the Self-Isolation Support Grant.
We can also review your finances and spot areas where you can save money. Putting a plan in place and addressing your financial situation can bring peace of mind and offer financial security for your family.
Q: Does my business need to be closed for me to receive financial aid?
A: Not at all. You just need to be able to demonstrate that your income or sales have reduced as an effect of Covid-19. We can help you apply for any relevant furlough schemes, Bounce Back Loan Scheme or Coronavirus Business Interruption Loans. There are also an array of local council grants available that don’t need to be paid back, so it’s important to speak to a professional to ensure you make the most of the help available.
Q: How can you help me manage my business during Covid-19?
A: It’s important to stay up-to-date with changing restrictions. We can inform you ahead of time of any legislation changes that may affect your business.
We can help you find ways to safeguard your business – looking at what staffing levels you can afford and how you can adapt your business to maximise profit. We can also handle your payroll, real-time information and auto-enrolment. This will help free up your time.
At the start of the pandemic, we were able to help an events company that hosts farmers markets find ways to evolve their business in a Covid-secure manner. We used grant loans to fund their online expansion which enabled them to deliver their products to people’s homes. Digital solutions can be extremely useful at this time and we can help you find ways to fund this.
Q: How can you help self-employed workers and businesses move forward after Covid-19?
A: We’ll spend time getting to know your business inside and out. This allows us to give bespoke advice and find ways to help you achieve your financial goals. We provide a friendly, personal and professional service.
For over 150 years we have served businesses throughout the south-west and beyond, offering a full range of accountancy, tax and financial planning and advisory services. We offer straightforward, easy-to-understand, effective business advice.
Albert Goodman is a chartered accountancy firm with offices in Taunton, Bristol, Chard, Weston-Super-Mare, Weymouth and Yeovil.
Visit albertgoodman.co.uk for more information. Call 0330 333 5039 to book a free consultation.