There is much speculation as to whether the Chancellor will announce any substantial help for self-employed taxpayers. Clearly everyone whose self-employed work is affected (including me) is hoping for news sooner rather than later, and some statement on plans is expected in the next few days.
Clients are understandably asking what is available and what information they will need to provide to access this. If anything is rolled out, I shall add a further update here. Taxpayers with mortgages are used to providing various information based on previous tax returns. If assistance is offered to the self employed which is administered by HMRC, it is highly unlikely that they would request previous years’ tax calculations, since this is information HMRC already holds.
In the meantime, anyone wanting to find out about Universal Credit can find information here, and check availability https://www.gov.uk/self-employment-and-universal-credit
Taxpayers with children, but who do not claim Child Benefit because of income levels may wish to start claiming this now. This could provide some extra cash within the next few months. Worst case, this would be taken back in tax later (but not until 2022 if received from 6 April onwards this year). Child benefit can be backdated by maximum of three months. Information on claiming is here https://www.gov.uk/child-benefit/how-to-claim
Some clients have asked about tax credits. These have been replaced by Universal Credit for new claims, but continue for taxpayers already receiving tax credits: there is information here https://www.gov.uk/claim-tax-credits
There is a BBC article here which explains some of the challenges of making aid to self-employed taxpayers work practically and fairly https://www.bbc.co.uk/news/business-52021299.