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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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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.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living. The latest Consumer Price Index (CPI) was recorded at 6.2% this morning. This means inflation has hit a new 30 year high, which will only exacerbate the cost of living. “This is the highest CPI 12-month inflation rate in the National Statistic series which began in January 1997, and the highest rate in the historic modelled series since March 1992, when it stood at 7.1%,” the Office for National Statistics (ONS) stated. The rise can be attributed to a number of diverse contributions. This included a bump in prices for clothing, footwear, toys and other recreational goods, said the ONS.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living.
Strong Customer Authentication regulation will now require online shoppers to verify themselves before paying at the checkout after £376 million was lost to online fraud in 2020. Strong Customer Authentication (SCA), which has been endorsed by the Financial Conduct Authority (FCA) and UK Finance, will be in place from today. These regulations have been enforced as an attempt to reduce the £376 million lost in online fraud in 2020, according to Barclaycard.
Strong Customer Authentication regulation requires online shoppers to verify themselves before the checkout after £376 million was lost to fraud in 2020.
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.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living. The latest Consumer Price Index (CPI) was recorded at 6.2% this morning. This means inflation has hit a new 30 year high, which will only exacerbate the cost of living. “This is the highest CPI 12-month inflation rate in the National Statistic series which began in January 1997, and the highest rate in the historic modelled series since March 1992, when it stood at 7.1%,” the Office for National Statistics (ONS) stated. The rise can be attributed to a number of diverse contributions. This included a bump in prices for clothing, footwear, toys and other recreational goods, said the ONS.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living.
Strong Customer Authentication regulation will now require online shoppers to verify themselves before paying at the checkout after £376 million was lost to online fraud in 2020. Strong Customer Authentication (SCA), which has been endorsed by the Financial Conduct Authority (FCA) and UK Finance, will be in place from today. These regulations have been enforced as an attempt to reduce the £376 million lost in online fraud in 2020, according to Barclaycard.
Strong Customer Authentication regulation requires online shoppers to verify themselves before the checkout after £376 million was lost to fraud in 2020.
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