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 some 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 a grant to the self-employed whose income has been negatively affected by the coronavirus crisis. 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 for 2016-17, 2017-18 and 2018-19 in order to calculate the amount of grant funding.

Click here to find out more information.

Deferral of Self-Assessment Payments

Anyone due to make a self-assessment payment on 31st July 2020 is eligible for deferment of payments until January 2021. 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.

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.

Contact us | Accessibility | Disclaimer | Privacy Policy | Help | Site map | © 2020 Page Kirk LLP. All rights reserved.

Page Kirk LLP is a Limited Liability Partnership registered in England & Wales with registered number OC 332369.

Registered office: Page Kirk LLP, Sherwood House, 7 Gregory Boulevard, Nottingham, Nottinghamshire NG7 6LB . Page Kirk is the trading name of Page Kirk LLP.

Insurers: Royal and Sun Alliance plc No 93792. Registered in England and Wales at St Mark’s Court, Chart Way, Horsham, West Sussex, RH121XL

We use cookies on this website, you can find more information about cookies here.