What can you do if you are Self Employed and your business has been badly affected by the Coronavirus

Update for businesses.

The situation and advice is changing daily and I want to highlight the options for self employed businesses as it stands on 18 March 2020 and what we and you can do to help through these difficult times. We work from home so we are keeping safe and we will be here

  1. If you expect lower profits in 2020 than 2019 there could be a refund due or a reduction in the on account payment for 31 July 2020 so if you send over the accounts for 5th April 2020 as soon as possible we can complete these for you
  2. HMRC have payment support line and as we get closer to 31 July 2020 , if you feel that you are going to struggle to make the payment then call HMRC Payment Support Service ( PPS) here they have been instructed to help in the current climate. There is also a new dedicated support line for those affected by the Coronavirus, the helpline number is 0800 0159 559
  3. You can approach your mortgage lender and ask for a three month payment holiday , this will be added to the loan and payments will be adjusted after the three months, again watch this space as this may well change. major lenders such as Lloyds, Halifax, Bank of Scotland,RBS, NatWest and Nationwide have all confirmed  that if customers take a payment holiday it will not affect their credit file). Help does not yet apply to rents but here is strong hints this will be introduced very soon
  4. If you are self employed and work from home with no employees then at this moment none of the measures announced by the chancellor on 17 March 2020 will help
  5. You may be eligible for Employment and Support Allowance or Universal credit and no longer need to attend in person, but you must have less than £16,000 in savings and update HMRC every month
  6. If you have any concerns speak to your credit card company, bank , car finance companies and ask for help
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