Please see an updated version of this case study
There has been consternation amongst the Self Employed and Freelancers that the current support schemes don’t do enough for the Self Employed whose livelihoods are potentially supported by Universal Credit only, whilst the Coronavirus Job Retention Scheme potentially gives laid off employees at least 80%, maybe 100%, of their wages.
Everyone’s circumstances will be different, but here is a simple case study showing how devastating the current support offering – Universal Credit only – is for a small business. We’ve shown two scenarios – one in which the business has to pick up the balance of 20% wages, one in which it doesn’t, but its far from clear which will be the case from guidance on .gov.uk which differs on different pages.
[pdf-embedder url=”https://www.whitefieldtax.co.uk/wp-content/uploads/Covid-19-Support-Case-Study.pdf” title=”Covid-19 Support Case Study”]