This article will be covering the following Topics, Financial Support package amid COVID 19, self income Support UK, income support scheme, partial unemployment benefit.
The beleaguered United Kingdom is striving hard to pull itself out of the whirlwind of the COVID-19 pandemic which has already infected more than 65,000 and taken nearly 8,000 lives in one of the global economic powers.
Even the British Prime Minister Boris Johnson, the Health Secretary Matt Hancock, and Prince Charles were not spared by the Coronavirus.
Pre-empting the impending threat of the COVID-19, the UK government had weeks ago issued guidelines for the masses as precautionary measures to mitigate the impact.
But the instructions were largely defied, prompting Prime Minister Boris Johnson to impose a nationwide lockdown in an attempt to prevent the social gatherings.
As part of the mass awareness drive, the UK government also distributed leaflets at houses containing a letter from Prime Minister Boris Johnson, guidelines about the disease, and a brief description of packages announced for the COVID-19 affectees.
In his letter to the masses, Boris Johnson reemphasized the importance of staying at home and lauded the efforts of medical staff but also warned that non-compliance of the directives could lead the violators to be slapped a fine.
Below is the letter by British Prime Minister Boris Johnson
Timing realizing that the enforcement of restrictions won’t be enough as the Coronavirus has unleashed multi-pronged repercussions in all societies. Apart from fatalities and infections, the COVID-19 has also left millions of people across the globe including in the UK jobless or embroiled in financial issues.
Therefore, the UK government announced financial packages to somewhat alleviate the hardships of the COVID-19 affectees.
The following is the brief description of the financial assistance being offered by the government for businessmen, workers & families in the UK.
Financial support for businesses & workers in the UK amid COVID-19;
- More than £330 billion is being made available in loans and guarantees.
- Another £20 billion is being given to businesses through tax relief and cash grants.
- The HM Revenue and Customs (HMRC) is deferring VAT payments for the next quarter.
For Workers and Families:
- The Coronavirus Job Retention Scheme: It means employees can receive 80 per cent of their wages up to a maximum of £2,500 per month.
- The Coronavirus Self Employment Income Support Scheme: It will provide a grant to most self-employed individuals or partnerships, worth 80 percent of their profits to a cap of £2,500 per month.
- Extra support for the unemployed and those on low incomes through Universal Credit and Tax Credits, worth up to £1,040.
- Nearly £1 billion of additional support for renters.
- Mortgage holidays of three months for anyone in difficulty due to Coronavirus including owners of buy to let properties.
How to Proceed with income Support Initiative?
- Claim a grant if you’ve lost income
- Other financial support
- If you cannot make a self-assessment payment on account
- Looking for other work
For further details; visit UK’s Official Website