Self employed and feeling the pinch

If you are self employed and feeling the pinch during this outbreak. Recent measures announced by Chancellor Rishi Sunak has announced a new package of far-reaching measures to help people’s finances during the coronavirus pandemic – such as increasing benefits and housing allowance.

This may be the time to consider falling back on the benefits system. Find out what you are entitled to by using these online independent benefit calculators:

  • Turn2us – for information on income-related benefits, tax credits, Council Tax Reduction, Carer’s Allowance, Universal Credit and how your benefits will be affected if you start work or change your working hours
  • Policy in Practice – for information on income-related benefits, tax credits, contribution-based benefits, Council Tax Reduction, Carer’s Allowance, Universal Credit, how these are calculated and how your benefits will be affected if you start work or change your working hours
  • entitledto – for information on income-related benefits, tax credits, contribution-based benefits, Council Tax Reduction, Carer’s Allowance, Universal Credit and how your benefits will be affected if you start work

The Chancellor announced on the 20th March to Increase the standard universal credit allowance by £1,000/year, for the next 12 months. The normal universal credit allowance depends on your individual circumstances, but if you’re single and 25 and over you can get up to a monthly standard allowance of £317.82. Over a year, that’s £3,813. So with the additional £1,000, that’s likely to mean somebody in this category could get up to £4,813/year, though we’re checking this with the Treasury.

Of course, any universal credit you do get is dependent on your earnings, whether you’ve got children, and other factors. Use the above calculators to get a good indication of what you may receive before you apply.

Further information about applying can be found on the Governments website at:
https://www.gov.uk/universal-credit