Advice for the self-employed, from the self-employed
As a small business and new start-up, we're feeling the pressure as much as anyone in the market at the moment and wanted to share the information we've been finding out over the past couple of days, in the hope it might help. If you have any other ideas and ways to help each other please get in touch with us. We're stronger together ❤
When we set out on our dream 6 weeks ago, to launch Next Level Recruitment, we were realistic that the first year in business was going to be tough and we thought we’d planned for every worst case scenario…we were mistaken!
Just like many candidates we are speaking to currently who are self-employed, we are trying to find solutions to help us financially, during the next few months of uncertainty. If we can get through this, we know we’ll come out the other side stronger as recruiters and having built stronger relationships with our clients and candidates. So, we wanted to share what we have found so far, in the hope that it might help others. You may already know what we have found out and you might not have…the one thing we do know though, is that we are stronger together. Working together, sharing ideas and solutions (not just problems), we can help each other get through this and come out the other side.
We hope you find the below of some use and please share this blog so that it reaches as many people as possible.
Stay safe and stay inside where you can.
Claire and Laura
Advice we’ve found so far:
1) Statutory Self-Employment Pay – To cover 80 per cent of self-employed workers' average earnings over the past three years, up to a maximum of £2,500 a month. The scheme will be available to all majority self-employed workers with trading profits of up to £50,000 a year, though payments are not expected to start until June.
2) Deferring tax payments – VAT payments for March have been deferred for a year and the next VAT in 3 months should be considerably lower. We’ve been advised to cancel our direct debit payment just in case they still take it out of our bank account for March, as accidents can and probably will still happen and pay it directly in 3 months’ time too.
3) Universal credit – apart from the £1,000 more a year increase, there is also housing allowance. This covers rent, mortgage interest and service charges and it has been unfrozen, so pay-outs can be larger.
4) Mortgage freeze for 3 months – this is something we have already implemented and will take effect from the 1st April.
5) Business Support Grant Fund - If you do have a business premises there is information coming through that you might be eligible for a grant
6) IR35 on hold – the new changes have been postponed until 2021. So, for a year the worry and concern around contracting as an LTD has been shelved.