Unfortunately, not all will benefit from the SEISS scheme as some will fall into the dreaded 'grey area'. If you are ineligible, HMRC will help you to understand why and guide you otherwise. The good news is that there are quite a few financial support schemes now available and if you need financial support, then they are worth exploring.
In July, (2020) the second instalment to your Payments On Account is due. This no longer the case. You can defer (delay) your 2nd payments on account instalment until Jan 31, 2021.
This is optional. If you choose not to pay it by July 31 then you won't incur any late payment fees or interest, the process is automatic.
TAX TIP: POA is just a pre-payment towards your tax bill so technically it is deferred, but all that it means is you're paying your 2019/20 tax bill in one.
Whereas the SEISS is a non-repayable grant, the bounce back loan is a loan. And yes, you guessed it, needs to be paid back. You can borrow anywhere from 2000 to 50,000
TIP: While you loan offering is going to probably be one of the best deal loans you'll ever get, it's still borrowed money and needs to be paid back, so don't get it unless you have too, or you can guarantee you can pay it back before you start incurring fees.
Are you struggling with you paying you rent? Who isn't! While the government have provided a 'Rent Holiday' as such, they have given landlords a 3 month Mortgage Holiday. Regardless of whether they've chosen to take it or not if you're are struggling to pay the rent then you need to speak with your landlord or letting agents and work out a deal to reduce your rent as until you're able to get back to work.
If you're afraid that your landlord may suddenly want to kick you out, the government have said they need to give all tenants 3 months notice before they can evict anyone, which will only provide people with momentary relief. Still...
TIP: Workout what you can realistically afford right now, but remember, you'll need to pay the remaining amount at some point, so there's no use in reducing it for reduction's sake. After the 3 months, or if it's extended, you'll need to work out a reasonable payback plan with your landlord or agent.
Yes. If you haven't done so already then don not delay. Here's the link: https://www.gov.uk/apply-universal-credit.
There are hundreds of thousands of self-employed people claiming universal credit for the first time because of C19. Still, many are concerned that in doing so, may affect their eligibility for the SEISS grant.
Getting UC WON'T affect how much you can claim on SEISS.
However, the amount of UC you could receive will likely be reduced after you've claimed SEISS because it is an income grant, which is why you should apply for UC now while you are waiting for your grant.
Here's what the government guidance states: “You can make a claim for Universal Credit while you wait for the grant, but any grant received will be treated as part of your self-employment income and may affect the amount of UC you get. Any UC claims for earlier periods will not be affected.”
The SEISS grants process has now kicked off, and grants payments will start hitting eligible self-employed peoples bank accounts from May 25th. SO if you haven't applied already and you need a financial hand, what are you waiting for... the worst that could happen is that you find out that you are not eligible. https://www.gov.uk/apply-universal-credit
Due to C19, UC has increased from £317.82 to £409.89 a month for single people aged 25 or over.
No. the DWP have said " that any money saved away for your tax bill WON'T be included as part of your savings." yOu will need to make a note of this on your Universal Credits online journal after you've applied.