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Guide to advising the self-employed amid Covid-19

  • Explain how the new scheme for self-employed individuals work
  • Identify what advisers should think about if considering the CJRS
  • Explain likely impact of crisis on how self-employed people pay NI in the future
CPD
Approx.60min
Guide to advising the self-employed amid Covid-19

Introduction

Since 23 March 2020, the UK government has been offering financial support to British industry to assist businesses sideswiped by the coronavirus outbreak.

This has been followed by additional advice for those who are self-employed.

One of the support programmes rolled out by the government is the Coronavirus Job Retention Scheme (CJRS) which allows self-employed business owners the opportunity to take temporary leave, paid by the government, because of the coronavirus outbreak.

But there are pros and cons for those wishing to take up this scheme.

The crisis has also raised questions about the approach self-employed individuals might take in remunerating themselves in a post-coronavirus world and once again has reignited the debate about whether the national insurance (NI) process should be streamlined.

All these topics will be explored further in this guide, which is worth an indicative 60 minutes’ CPD.

In this guide

CPD
Approx.60min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. True or false the self-employed income support scheme (SEISS) is designed to support self-employed workers who had lost income as a direct result of Covid-19.

  2. Under the rules of SEISS, self-employed individuals are able to claim a taxable grant of up to:

  3. Why does Jazz Jhumat believe that Ifas should think carefully before choosing to take up the job retention scheme?

  4. If an adviser is considering taking up the job retention scheme, what should be their key considerations?

  5. Does Andrew Timms believe the current crisis will lead to an end in people remunerating themselves through dividends?

  6. Pick the odd one out. According to Andrew Timms, while self-employed individuals seemingly benefit from a lower rate of NI, what are the other factors to consider when comparing them to employees?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Explain how the new scheme for self-employed individuals work
  • Identify what advisers should think about if considering the CJRS
  • Explain likely impact of crisis on how self-employed people pay NI in the future

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