Income Support for the Self Employed
Updated: Nov 26, 2020
Updated 24th Nov 2020.
On Friday 25th of September 2020, Rishi Sunak again extended the self-employment income Support scheme for a 3rd term. This will cover the period from November to January 2021.
This was originally only 20% of net profits but has now been upped to 80%.
Income Tax Deferment
Richi also said that the income tax bill due in January 2021 can now be able to be paid monthly. This will come as welcome relief to many as this period is often the most difficult as cash flow drys up after the Christmas holidays and this Christmas will be more difficult than normal.
To apply you must go to your government gateway account and apply. As long as your tax for the year is under 30,000 you will get automatic approval and you do not need to speak to HMRC.
Bounce Back Loan Extention
The bounce-back loan will be extended from 6 to 10 years but it will still be limited to 25% of your business turnover. Top up loans to already existing BBLs are available too. The loan scheme has been extended and more details are available on your Banks website.