Advice and updates for the creative community during this time of crisis
皇冠体育appWe have begun collating helpful information, support networks and creative initiatives to get involved with as a community. Updated daily, so please check back in.
- It's Nice That
- 23 March 2020
- Reading Time
- 9 minute read
Financial information and guidance for creatives in the UK
Further practical advice for creatives, whether you’re a small business or self-employed, can be found here. Below are some key initiatives which may be useful in more detail.
Freelancers make up a large and vital part of the creative community but have little protection during this uncertain time for employment. If you are a freelancer and are struggling to find work currently, applying for Universal Credit may be an option during this time – the same applies if you have recently become unemployed.
You may be eligible if you’re on a low income currently or out of work, live in the UK, are 18 or over and have £16,000 or less in your savings. Currently, the government’s economic plan does not extend to those who are self-employed, and while Universal Credit may not be enough income for your expenses, it is still worth applying for.
皇冠体育appIf you are concerned about upcoming or expected tax payments, HMRC has set up a phone helpline specifically for self-employed people and small businesses with 2,000 callers on hand to offer advice. The government will be deferring VAT payments for the next three months and if you’re self-employed, any self-assessments expected in July of this year are deferred to January 2021.
Support for Businesses and Employees
On Friday 20, the chancellor outlined the government’s support for businesses disrupted by Covid-19. This includes a coronavirus job retention scheme, the deferring of VAT and income tax payments, and a small business grant funding of £10,000, to name just a few. All UK businesses are eligible for the job retention scheme to pay “those employees that would otherwise have been laid off during the crisis”.
皇冠体育appWe know that many members of the creative community supplement their creative income with jobs in hospitality, largely in businesses which will now be closed due to government restrictions. If you are an employee you will need your business to access the scheme, rather than as an individual, but it is worth checking to see if you could receive 80 per cent of your wages while on furlough.