Government announces support for the self-employed
By Colin Bell, Business Growth Director at the North East Local Enterprise Partnership (LEP)
The Chancellor’s announcement that the Government will provide vital support to the self-employed through the Coronavirus Self-employed Income Support Scheme (SEISS) is a welcome one.
SEISS will offer comfort and allow people to more accurately plan how they can manage their finances over the coming months.
As with last Friday’s measures, this latest package of support will prove a lifeline for those who are eligible, offering a taxable grant worth 80% of average monthly profits over the last three years, up to £2500 per month.
Coupled with flexibilities over tax payments and support from lenders, the SEISS scheme will soften the blow for the North East’s self-employed, whose biggest challenge will be waiting until the funds become available in June, when three months of backdated pay will be made available.
Additional help for the self-employed includes deferral of Self Assessment income tax payments due in July 2020 and VAT payments due from March 2020 to June 2020; the provision of a Time to Pay scheme; and a Hardship Fund providing council tax relief.
Applying to the Coronavirus Business Interruption Loan Scheme as a stop gap is also an option.
We will continue to collate at much advice and support as we can via the North East Growth Hub Coronavirus toolkit so you have access to the very latest information. We will also continue to provide direct one to one support to businesses.
Please continue to complete and share our short survey so we can understand how you’re being impacted and share this with Government.
This is helping us inform the measures put in place to build business resilience and sustainability.
In it together
The North East is known for its collaborative spirit and resilience. Please be assured the North East LEP will continue to lead from the front and share valuable information so you can do what you can to keep your business moving forward and protect employees.
Please do use the North East Growth Hub toolkit, fill in the survey, sign up to our newsletter to receive regular updates and if needed, make a one to one virtual appointment with one of our Connectors. We are here to help.