The COVID-19 outbreak has caused huge disruption to almost all industry sectors in the UK. The speed of the outbreak and the pace of the government’s lockdown measures meant that businesses had little time to adjust to the new reality.
While many large companies could furlough staff laying them off temporarily, the same was not possible for the self-employed. As many self-employed people work from job to job without the safety of an employment contract, they had understandably extreme concerns about their ability to survive.
So, what now for the self-employed? Many self-employed people such as tradespeople, either cannot work or where they can, have to work with significant limitations. This leaves them in a tough spot. Fortunately, the government has offered respite, which comes in the form of the Coronavirus Self-Employment Income Support Scheme (SEISS). In this article, we will look at the scheme, so you can assess whether it is the right move to help support you in this time of difficulty.
The Coronavirus Income Support Scheme offers a taxable grant of up to 80 percent of your average monthly trading profits (worked out using the tax returns of recent years). The grant capped at £7,500 for the entire 3-month period is paid in a single installment and is non-repayable, but you will need to pay income tax and national insurance on the income.
The scheme is intended as a short-term solution to cover a three-month period, but at this stage, it looks increasingly like the scheme will be extended. This is because of the slow the economy and will help to preserve jobs and small businesses so they can trade once some sense of normality resumes.
One of the major benefits of the scheme to those that are self-employed is the ability to continue to work. If you are fortunate enough to still trade, albeit in a diminished capacity, you are free to do so. For many businesses, this means they can continue to trade and support their long-term success.
The payment from the scheme is paid directly into your business bank account as advised by the Gov.uk process. The process is quick and simple and we’ve covered it in more detail in a later section.
The scheme is available to those who are self-employed or are operating as a partnership and whose business is affected by the COVID-19 outbreak. As well as needing to be self-employed or part of a partnership, you also need to meet the following criteria:
You will be asked to confirm your reasons for applying for the scheme during your application. It is important that you are truthful about this, as false claims may harm you and your business.
If you wish to claim the Coronavirus Income Support Scheme grant, you will need to file a claim on the Gov.uk website. To complete the claim, you will need to have both your Unique Tax Payer Reference (UTR) which is most easily found on the top of HMRC correspondence and your National Insurance (NI) number. These are used to accurately identify you and your business, and ensure that your records are found.
If you are unsure whether you can claim the Coronavirus Income Support Scheme grant, you can also use the link on the Gov.uk website to check your eligibility. If you can claim, you may be able to lodge a claim straightaway. To do this, you will need a Government Gateway ID (you may need to create one if you do not already have one) and your bank details. Once you have completed the application, you will receive all the information that you need and will also receive a date to expect payment.
One important thing that you must keep in mind is that you need to complete your claim. While many businesses use tax accountants, these cannot be used to apply for the process. If you do use them, you will probably trigger a fraud alert. If this happens, you will need to contact HMRC, slowing down the process considerably.
If you are not eligible for the Coronavirus Income Support Scheme, you may be entitled to one of the other available forms of help. Options such as the deferral of self-assessment income tax and VAT and various other grants and loans are still available for those who are not eligible for the Coronavirus Income Support Scheme.
While conditions are tough, the government have put a lot of options in place to try and help businesses to survive. Of course, not all businesses will survive this current climate. If you need help with yours, there are a lot of options out there to help. It is worth having a close look at the Gov.uk website to find out what you may be entitled to, it may just save your business.
Related Article: Read ‘How to be self-employed on a visa in the UK’
It's a shame that you dont have an 'Excellent' star rating on here, as my experience with Reiss Edwards is nothing short of an excellent rating. They handled my application for an Indefinite Leave to remain in April 2014 and did my husband's one very recently including my daughter. Every time i have approached them, they have continued to treat me with courtesy, respect and patience. Amar was indeed a very thorough and professional gentleman. He is very knowledgeable, corporative and engaging. He responded to my emails, calls and enquiries promptly. He was always reassuring. I could not have asked for a better Immigration service. I would recommend them over and over again for anyone looking for an immigration advice. They gave me a free immigration advice when i called them, and the quality of the advice was something other charge thousands for. If you need a particular, name, Amar would be it. He exemplifies, for me, the true, professional gentleman. He is a valuable asset to Reiss Edwards.
I am glad that i instructed Reiss Edwards on my visa matter. It started with a 20 minutes free immigration advice. I met with Amar to discuss my ILR refusal. He gave me a great deal of quality advice and decided to take on my messy case. I had doubts on the merits of my case by he was relatively convinced he could win it. That made me quite secure. To be honest, things did not start as quick as I would have wanted, but they kept on communicating the process and state of things to me.A big thank you to Verusha and Foram. They were also very helpful. Brilliant and informative. Their fee was fair and reasonable, especially if you compare them to other law firms and immigration law firms in London; some of whom even told me that i would not be able to get an indefinte leave to remain in this country. The process was long but was worth it. In the end, a big thank you to Reiss Edwards.
Investing over 2 million pounds is defintely not a routine decision. We had to make sure that the Tier 1 investor immigration lawyers that we'd be picking has to be one of the best within the Tier 1 investor category. We contacted Reiss Edwards and they were able to get us not only the Tier 1 investor visa but also suggested profitable investment portfolios in addition to what we already had in mind.
TI have just had British Citizenship application approved. Prior to making the application, i was not sure which law firm i should hire to facilitate the paperwork. After a few hours of research, i decided to go with Reiss Edwards and i must confess that i wasnt disappointed. The immigration lawyers at Reiss Edwards handled my case well and they really knew what they were doing. They were fully aware of what documents I needed and it was easy for them to tell if my case was going to be easy or not. At the end of the day, I have not received my British citizenship within 3 months. If anyone is looking for a good immigration lawyer to handle thier case, contact Reiss Edwards.
My wife's spouse visa extension application was refused by the Home Office and they gave her 14 days to leave the country. We contacted Reiss Edwards and they said "OK don't worry we will sort this out". They put together the list of documents for me to obtain and they prepared a bundle which was as thick as the printer it came out from.We followed everything they asked us to do and in the end we won our appeal and got our spouse visa. We can't recommend them enough and we have promised ourselves never to make any more UK visa applications without them.
The team of lawyers at Reiss Edwards are very professional and friendly people. Their experience in and around UK immigration law is quite extensive; be sure that you application is in safe and competent hands. My immigration matter was an indefinite leave to remain application based on Tier 1 on a self-employment basis. The immigration lawyers at Reiss Edwards made sure that the application was perfect and ready to be accepted. I got a positive decision and I recommend them highly for anyone who needs a UK immigration help.
I contacted Reiss Edwards to help me with my wife's UK settlement visa. They acted with utmost professionalism throughout the entire application. I spoke with Joe Dinh, he is an immigration solicitor and he is one of the best solicitors out there. He ensured that there was little to no room for error. At some point I thought he was over cautious. He remained calmed and continued to assure us on our immigration matter. Most people in his position would have panicked but he was calmed and continued to assure us. We received out positive outcome very quickly.
I have been using Reiss Edwards for three years now for my family's immigration application. Both for my initial application and extension. They are really affordable. The team of solicitors at this firm are probably one of the most efficient and economical in terms of cost. They offered free advice over the phone and spent good time with us before inviting us for consultation.
Reiss Edwards is a top notch immigration service company. The way they handled our documentation and also the list of documents they sent was efficient and top quality. They helped us professionally throughout the process. We are very happy with the immigration advice we received from the team. We highly recommend them.
I used Reiss Edwards immigration lawyers to assist with my immigration matter and that of my family. It was an EX1 application. They dealt with the matter properly and even when complications were coming up from the Home Office, they helped resolve the issue properly. They are very professional and are very popular in London. I am happy to have worked with them.
This is the only firm that i spoke with that didn't ask for money before listening to me, will be using them again.
I used Reiss Edwards for my Tier 2 visa application and it was successful. The team was ever present and happy to answer my question. The caseworker that dealing with my case went on holiday yet by case did not suffer one bit. Another lawyer stepped and took over the case without any hassle.
My Tier 1 Investor Visa was dealt with quickly and without issue. Would recommend Reiss Edwards as an Immigration law firm in London. Thank you to the team.
530 ReviewsREAD ALL REVIEWS