Those not eligible for the Self-Employment Income Support Scheme (SEISS), such as sole employees of limited companies, may still be eligible for other elements of the unprecedented financial support provided by the Government. The Government has temporarily increased the Universal Credit standard allowance for 2020-21 by £20 per week and relaxed the Minimum Income Floor, so that where self-employed claimants' earnings have significantly fallen, their Universal Credit award will have increased to reflect their lower earnings. They may also have access to Bounce Back loans, tax deferrals, rental support, mortgage holidays, and other business support grants, with a new extended deadline of 30 November.
In addition to this, up to half a million businesses which deferred their VAT bills will also be given more breathing space through the New Payment Scheme. This gives them the option to spread their payments over the financial year 2021-2022. In addition, all 11 million UK self-assessment taxpayers will be able to benefit from the recently enhanced Time to Pay ‘self-service’ facility to form a 12-month, interest-free payment arrangement for up to £30,000 of self-assessment debt.