Government support for self - employed

We understand how challenging it must be for the self-employed to maintain a consistent cashflow without being able to visit clients, hold consultations or attract new work. Many self-employed workers will be worrying about their payables, such as rent, equipment and tax. Fortunately, HMRC have put support services in place, which might help cover reduced income over the forthcoming months. Below is an outline of the current support in place.

Self-Employment Income Support Scheme (SEISS)

The government are offering two grants this year to the self-employed whose income has been negatively affected by the coronavirus crisis, providing they have filed their 2019/20 tax return. This scheme will provide 80% of profits up to a cap of £2,500 per month. HMRC will take the average profits from your tax returns to calculate the amount of grant funding. Applications for the fourth grant will be open from April.

Click here to find out more information.

Deferral of Self-Assessment Payments

The online Time to Pay facility allows taxpayers to spread the cost of your self assessment tax bill into monthly instalments until January 2022. There will be no penalties or interest for doing so, as the scheme aims to help the self-employed and businesses who may be suffering with difficulties as a result of the coronavirus pandemic.

Click here to find out more information.

Accounting Services that can help you plan ahead

  • Cash flow forecasting tools and internal reports
    Our team are experienced in producing accurate cashflow forecasts by using historic financial data to predict potential future outcomes. This can help to identify areas where you might have shortcomings and how to avoid them in time. This process helps to identify areas where you can make cutbacks and savings.
  • Talking to HMRC on your behalf
    We can negotiate tax payment deferrals, repayments of Coronavirus loan schemes or just general changes to your accounting circumstances for you. We know what questions to ask HMRC, which saves time going back and forth on the phone.
  • Applying for Coronavirus support schemes

Although very useful, most of the government support schemes involve applications that are time consuming and require a lot of financial documents. There are a number of rules and restrictions when applying for these support schemes, making it easy to accumulate fines if the inaccurate information is provided.

To ensure that your business avoids sending inaccurate information to HMRC, we recommend that you consult an accountant in order to help you receive all the support that you are entitled to. We are on hand to support you through this difficult time. If you would like any advice or information on anything mentioned, please do not hesitate to contact us on 0115 955 5500 or email

How we can help

Speaking to HMRC on your behalf
Tax deferrals/payment plans, COVID-19 government schemes

We have the know-how to help ensure that your business is making the most of the government help on offer. We are on hand to help organise deferred tax payments and set up ongoing payment plans, as part of the Time to Pay offer from HMRC.

Job retention scheme grant applications Grant application support

If your employees have needed time off work due to the coronavirus, the government are offering grants that help towards paying the wages of employees. Unlike some of the other government schemes, this one requires employees to be ‘furloughed’ and a grant application made. We are on hand to do this for you.

Furlough with minimal interruption Critical analysis of your staffing structure

We are able to analyse your current staffing structure and roles in order to advise on which employees can be furloughed with minimal interruption for the business. This ensures that the important roles and responsibilities are still covered within your organisation.

Coronavirus Business Interruption Loan applications Projections and forecasts to help with an application

This scheme is in place to offer flexible finance to businesses that may require extra cash due to the coronavirus. Our team of experts are able to provide banks with the business case they are seeking, increasing your chances of being accepted for a Business Interruption Loan.

Cash flow forecasting tools and reports Internal reports to help businesses survive the coronavirus crisis

We can provide accurate cash flow forecasts that can help plan ways in which your business can overcome the COVID-19 crisis and identify any areas in which your business might have shortcomings – critically analysing historical figures alongside future forecasts. We can help make recommendations on where it may be possible to make cutbacks and cost savings.

Keeping you updated on government announcements Summarising and clarifying information

As accountants and business advisors, we believe it is our duty to keep you updated on the latest business news and the opportunities and threats these might pose to your business.

This may include updates on new schemes put in place for businesses from HMRC, as well as advising on how to deal with the practical issues that COVID-19 is posing to businesses, such as remote working. We are able to talk through any issues you are facing.

Inheritance tax planning Concern about falling ill

Whether you are an older business owner, running a start-up or have underlying health conditions, we understand there is a worry of falling ill. We are on hand to help advise with inheritance tax planning and succession planning ensuring you have fewer worries about your finances if you were to fall ill.

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