{"id":719,"date":"2020-03-23T00:00:00","date_gmt":"2020-03-23T00:00:00","guid":{"rendered":"https:\/\/srcadvisory.com\/minimising-the-impact-of-coronavirus-for-the-self-employed\/"},"modified":"2020-04-14T11:27:56","modified_gmt":"2020-04-14T11:27:56","slug":"minimising-the-impact-of-coronavirus-for-the-self-employed","status":"publish","type":"post","link":"https:\/\/srcadvisory.com\/minimising-the-impact-of-coronavirus-for-the-self-employed\/","title":{"rendered":"Minimising the impact of Coronavirus for the self-employed"},"content":{"rendered":"<\/p>\n
\n

If you are self-employed, or you know of anyone who is, please see our guidance below:\u00a0<\/strong><\/p>\n

In the last few days, we have been frequently contacted about the impact of the coronavirus outbreak and how it might affect the self-employed.<\/p>\n

\nGiven that there are now more than five million self-employed people in the UK, accounting for over 15% of the workforce, this is an important issue, which we address below:<\/p>\n

Universal Credit\u00a0<\/strong><\/p>\n

The self-employed cannot access Statutory Sick Pay in normal conditions and this will not be relaxed (so far) during the Coronavirus epidemic. Instead the self-employed who find themselves in financial difficulties must apply for Universal Credit.<\/p>\n

\n\u2022\u00a0\u00a0 \u00a0The minimum income floor in Universal Credit (a deemed level of earnings) will be temporarily relaxed for those directly affected by COVID-19 or self-isolating, ensuring self-employed claimants will be compensated for losses in income<\/p>\n

\n\u2022\u00a0\u00a0 \u00a0The self-employed will be able to claim UC and access advance payments where they are directly affected by COVID-19 (or self-isolating), without the current requirement to attend a job centre. All applications will now be on-line: https:\/\/www.universal-credit.service.gov.uk\/postcode-checker<\/a><\/p>\n

\nIf this is your first claim for Universal Credit, you should bear in mind that it takes five weeks (or sometimes more) for the first payment to come through. If you can’t wait that long for money to live on, the easiest option is to ask for an advance payment.<\/p>\n

\nThis is an upfront payment of your benefit. The maximum you can receive is the amount of your first estimated payment. This advance is paid back from your Universal Credit in instalments over 12 months – with that being extended to 24 months from October 2021.<\/p>\n

\nUniversal Credit recipients can apply to an additional scheme offering what’s called a Budgeting Advance.<\/p>\n

\nYou may be able to get a Budgeting Advance to help with:<\/p>\n

\u00a0<\/p>\n

\u2022\u00a0\u00a0 \u00a0emergency household costs such as replacing a broken cooker<\/p>\n

\u2022\u00a0\u00a0 \u00a0getting a job or staying in work<\/p>\n

\u2022\u00a0\u00a0 \u00a0funeral costs<\/p>\n

\nYou\u2019ll repay it through your regular Universal Credit payments – these will be lower until you pay it back. If you stop getting Universal Credit, you\u2019ll have to repay the money in another way.<\/p>\n

The smallest amount you can borrow is \u00a3100. You can get up to:<\/p>\n

\u2022\u00a0\u00a0 \u00a0\u00a3348 if you\u2019re single<\/p>\n

\u2022\u00a0\u00a0 \u00a0\u00a3464 if you\u2019re part of a couple<\/p>\n

\u2022\u00a0\u00a0 \u00a0\u00a3812 if you have children<\/p>\n