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A healthy credit score has its benefits, so make sure you manage your debt correctly.
Discover the best travel insurance policy for your next trip.
Find current accounts offering in-credit interest rates up to 5.00% AER.
Explore the best cards with a 0% introductory period.
Could the value of your state pension rise by more than inflation?
Will your loved one's gift be tax affected?
Looking for inflation beating returns? Investing in shares could be an option.
More financial help has been made available during the November lockdown for those who are self-employed, but freelancers have not been included in the new support scheme.
Chancellor Rishi Sunak has announced that those who are self-employed can claim for up to 80% of profits during November through the Self-Employed Income Support Scheme (SEISS). This is an increase from the 40% of past average monthly trading profits up to a maximum of £3,750 for three months between November to January that has previously been made available. It should be noted that the higher rate of 80% is only available for the November month.
In addition to this, those who are self-employed can also continue to apply for support loans aimed at businesses until 31 January 2021, which is an extension from the original deadline of the 30 November for some of these loans.
In order to claim for SEISS, more than half of the applicant’s income needs to come from self-employment. Previous schemes, which are likely to continue with the new financial support packages, were available to those with trading profits of less than £50,000 in 2018/19, or an average trading profit of less than £50,000 from 2016/17, 2017/18, 2018/19.
SEISS is applied for directly through HMRC, which uses existing information to identify those eligible and invites applicants. If the applicant can confirm they meet the eligibility criteria the money is paid directly into the applicant’s bank account.
A number of those who are self-employed will not be covered through the scheme. For example, those who pay themselves a salary and dividends through their own company are not eligible, but if they pay themselves through PAYE, they can apply for financial support through the Government’s job retention schemes.
As well as this, those who are newly self-employed will not be covered, as HMRC will not have records of their self-employment status or potential income and profits.
A large group of workers not covered through SEISS or job retention schemes are freelancers and contractors. Those in this situation will likely be able to claim for Universal Credit. The standard Universal Credit allowance for those who are single and aged 25 and over is £408.89 per month, while for couples aged 25 or over it is £594 per month for both. Those under the age of 25 and who are single can receive £342.72 per month and couples can receive £489.59 per month for both. More information about Universal Credit can how to apply can be found on the Government’s website.
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Will my business pay more in tax this year?
Will my business pay more in tax this year?
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today. “The March decline highlights the pressure the economy is now coming under from the cost of living squeeze and the danger of it falling into outright recession later this year,” said Rupert Thompson, Investment Strategist at Kingswood. The services sector, which includes contributions from education, arts and entertainment, and food service among others, fell 0.2% last month and was the main contributor to this decline.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today.
Difficulties in getting hold of finance is one of the things holding the UK’s small businesses back.
Difficulties in getting hold of finance is one of the things holding the UK’s small businesses back.
Will my business pay more in tax this year?
Will my business pay more in tax this year?
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today. “The March decline highlights the pressure the economy is now coming under from the cost of living squeeze and the danger of it falling into outright recession later this year,” said Rupert Thompson, Investment Strategist at Kingswood. The services sector, which includes contributions from education, arts and entertainment, and food service among others, fell 0.2% last month and was the main contributor to this decline.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today.
Difficulties in getting hold of finance is one of the things holding the UK’s small businesses back.
Difficulties in getting hold of finance is one of the things holding the UK’s small businesses back.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
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