We have already created a regularly updated page that contains the latest coronavirus measures, advice and help for small businesses and the self-employed.

Unavoidably, COVID-19 is going to affect our personal finances too. We want to make sure you know what help is available and where you can find it.

To do this, we’ll be updating this page on a regular basis until the pandemic is over. We’ll also be blogging about new advice and measures that could affect or help your personal finances – so be sure to sign up for our newsletter. You can do this on our blog home page.

  1. Help with housing / mortgages / rent

    1. MORTGAGE PAYMENT HOLIDAYS
      Banks agreed to offer 3-month mortgage payment holidays to people who are struggling. However, this scheme ended on 31 March 2021. If you are finding it difficult to keep up with repayments, speak to your lender.
    2.  MORE AFFORDABLE MORTGAGE RATES
      Lower interest rates mean you should see lower repayments if you have a tracker or variable rate mortgage, although fixed rate mortgages will stay the same. Keep an eye on the market and see whether you can get a cheaper deal on your current mortgage.
    3. HELP FOR RENTERS
      Most evictions are on hold until 31 May 2021, except in limited circumstance. The charity Shelter also provides helpful information and advice.However, if you face financial problems, speak to your landlord as soon as possible. The government expects landlords and tenants to work together to create affordable repayment plans that take into account your personal circumstances.
  2. Getting paid

    1. JOB SUPPORT SCHEME
      The Coronavirus Job Retention ('Furlough') Scheme has been extended until 30 September 2021. Government will pay up to 80% of the wages of furloughed employees (less from July) while employers pay the relevant NI and pension contributions and top salaries up to 80% from July to September. Flexible furlough is also allowed, meaning you may be asked to work some of your hours - which will be paid for by your employer.
    2. SICK PAY
      If you become ill and have to self-isolate, you can claim Statutory Sick Pay (SSP) from day one. If you are self-employed, you can claim Universal Credit to the equivalent amount as SSP.
  3. Help with loans, credit cards and overdrafts

    1. LOANS
      Lenders may offer payment holidays, reduced loan payments and / or are waiving fees for missed payments. Speak to your lender to find out what they offer.
    2. CREDIT CARDS
      You can ask for a payment holiday, temporary credit limit increase or waived fees for missed payments. Speak to your lender.
    3. CAR FINANCE
      You may be able to arrange a car finance payment holiday. Again, speak to your lender.
  4. Help with tax

    1. INCOME TAX
      Income Tax payments due in July 2020 were deferred until January 2021
      under the Self Assessment system. 2019/20 Income Tax payments were due on 31 January 2021 (although could be paid at any time up to 28 February without incurring a penalty. Such late payments still attracted interest). If you have difficulty paying your Income Tax / NI bill and you owe less than £30,000, you may be able to arrange a payment plan online. If you owe more than £30,000, you need to speak to HMRC to arrange a suitable payment plan

FURTHER LINKS ON CORONAVIRUS

For the latest coronavirus news stories and blog posts, please visit the following links:

COVID-19 business news and blogs

Read More

COVID-19 personal news and blogs

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