Everything you need to know, we’re here to help

This is going to be a tough year, but we set up Stormont London to be an agency that values and looks after artists. We are nothing without the talent and professionalism of our valued performers, so in this global crisis we want to do our part to help you through it.

The UK government is providing support for the self-employed professionals of the UK through various schemes. There is no single point of reference for all of the options available so we wanted to help you navigate the schemes and how to access them.

Self-employment Income Support Scheme (SEISS)

Official webpage — HMRC Self-employment Income Support Scheme

What is it?

If you have lost income due to the coronavirus COVID-19 you can claim a (taxable) grant worth 80% of your usual income for the next 3 months (effectively April, May and June).

The maximum cap is £2,500 per month (equivalent to a £30,000 annual income). Extensions are possible. 

Are you eligible?

The conditions required to qualify for this scheme are far more complicated than the others mentioned here so we will take a little time to lay them out for you.

Trading conditions

1. You submitted Income Tax Self Assessment tax return for the tax year 2018-19
2. You ‘traded’ (i.e. got paid for work) in the tax year 2019-20 (06/04/2019 – 05/04/2020)
3. You are and intended to trade in the tax year 2020-21
4. You have lost trading profits due to COVID-19

Income conditions

1. Your usual profits (not total income) must be less than £50,000
2. This income must constitute more than half of your income

HMRC do an excellent job of breaking things down on the official webpage for this scheme. Make sure you take a look.

How can you access it?

You cannot access this scheme yet, it will take some time to set up as there are 4.8 million self-employed people in the UK so they have a lot to prepare. We will update this page when the scheme is launched.

When will you be paid?

It is unlikely that payments will be awarded until June but they will be back-dated to cover the 3 month period.

Income Tax Deferral Scheme

Official webpage — Business Support | Deferral of Self-Assessment payment

What is it?

For a few years now HMRC have been asking self-employed professionals to pay their income tax in multiple instalments throughout the year based on their previous annual income.

If you are due to make a self-assessment payment on account on 31st July then you can delay this payment until January 2021.

How can you access it?

You have nothing to do, it is completely automatic.

VAT Deferral Scheme

Official webpage — Business Support | VAT Deferral

What is it?

We know some of you run VAT registered bands or small businesses and the government has you covered here too. Any VAT payments due between 20 March 2020 and 30 June 2020 can be delayed to the end of the 2020-21 tax year (5 April 2021) with no repercussions.

How can you access it?

As with the Income Tax Deferral Scheme this is automatically triggered with no applications required. You can choose to pay your VAT bill on time if you wish, but you can choose not to to help with cash flow.

Note — When this was first announced this was bracketed under “Time to Pay”.

Time to Pay Scheme

Official webpage — HMRC Time to Pay

What is it

If you are in a tight financial spot, the government are offering support and flexibility on tax payments under their Time to Pay scheme. 

How can you access it?

This is agreed on a case-by-case basis. If you think you have missed a tax payment or think you might struggle with your next tax payment call HMRC’s dedicated helpline.

HMRC COVID-19 helpline for self-employed: 0800 0159 559.

Coronavirus Quarantine Sessions

So, in other news, we would like to feature you on our social media!

If you are stuck at home performing to a camera let us know! We’d love to share your content on Instagram or Facebook.

hello@stormont.com

From all of us at Stormont London: Stay at Home, Protect the NHS and Save Lives.

Have we missed something?

If you think there is more that we can add to this page to help inform and clarify the options out there for your fellow entertainers please reach out.