Support package for the self employed

Further to the government’s announcement outlining the support package for the self employed please see below some useful information and links.

• If you haven’t submitted your tax return (due date was 31 January) DO IT NOW!  You have 4 weeks and it will help you access the benefits
• Do not contact HMRC regarding accessing the 80% grant – THEY WILL CONTACT YOU (provided you have submitted a tax return!) You will then have to fill in an online form and will be paid the grant in one go straight into your bank account in June.
• You do not have to pay your tax bill in July 2020, this has been deferred until January 2021

CLICK THIS LINK FOR GREAT ADVICE FOR THE SELF EMPLOYED

If you do not think you can wait until June for the grant payment you can consider applying for Universal Credit NOW (including housing benefit element which could total £1550pcm)   The telephone queues are massive so apply online:

UNIVERSAL CREDIT

We understand that you can get your first payment within days of application if you are desperate.

YOU CAN APPLY FOR THIS AND THE GRANT SCHEME and both Universal Credit and the Housing Benefit element of it are not taxable

• Should you be able to go back to work in the coming weeks that is fine – you can work at the same time as having your grant application in the system

THINGS THAT MAY TIDE YOU OVER

1. Some banks have temporarily scrapped overdraft charges, interest etc – check with your bank.
2. Mortgage providers are granting 3 month payment holidays – contact your lender, don’t just stop paying!
3. If you are a renter, speak to your landlord about your payments
4. Some credit card providers are adjusting interest rates, increasing credit limits – contact your provider
5. Speak to your utilities providers (water, electricity, gas) about reducing or suspending payments
6. Council Tax – contact your local council to see if you’re eligible for a reduced rate
7. Use money you have set aside to pay your tax bill in July

MORE USEFUL LINKS

IPSE  – Association of Independent Professionals and Self Employed

Self Assessment tax returns

LTA Advice for Coaches

If you have financial concerns or are struggling to get your head around what options are available to you please email accounts@i2ctennis.co.uk and Dave will arrange a time to talk it through with you.  We are here to support you in whatever way we can so please get in touch if you need some help.