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The Chancellor, Rishi Sunak, said he will ‘strengthen the safety net for those who work for themselves’ with a package of measures to support the self-employed and freelancers, offering improved benefits and tax deferrals.
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Chancellor of the Exchequer Rishi Sunak unveiled unprecedented government aid for the self-employed. There are around five million people who are self-employed and freelance across the UK, and many will be relieved to hear that financial support is on the way to help those impacted by coronavirus.
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If you are not eligible for Statutory Sick Pay (SSP) – for example, if you are self-employed or earning below the Lower Earnings Limit of £118 per week – and you have COVID-19 or are advised to self-isolate, you can now more easily make a claim for Universal Credit or New Style Employment and Support Allowance.
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If you think you are entitled to Statutory Sick Pay (SSP), you can receive £94.25 per week if you’re too ill to work. It’s paid by your employer for up to 28 weeks.
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Around the country, many employers have implemented lay-offs due to reduced revenues and the closure of their business premises due to coronavirus. The Coronavirus Job Retention Scheme has been set up to support those employers and help them continue to pay wages of staff who would otherwise have been let go.
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The Coronavirus Business Interruption Loan Scheme (CBILS) is a loan scheme that was announced by the Chancellor, Rishi Sunak, during the 2020 Budget and has been set up to help small and medium-sized enterprises (SMEs) that are struggling with cash flow because of revenues that have been deferred or lost due to the coronavirus (COVID-19) pandemic outbreak. The loans are being offered on generous terms to support SMEs.
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Originally announced in the Budget on 11 March, the Small Business Grants Fund (SBGF) and the Retail, Hospitality and Leisure Grant (RHLG) will be delivered by local authorities in England.
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Since the outbreak of coronavirus (COVID-19), the number of people seeking to write new Wills has risen by over 30%, according to The Law Society.
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No two people have identical financial circumstances, which is why it’s essential you have a tailored financial planning solution in place that meets your individual needs and investment goals.
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Goals-based investing is an approach which aims to help people meet their personal and lifestyle goals, whatever they may be. If you do not know where you are going, how will you know when you get there? This is very true about financial goals.
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