Self-employed may be forced to work for YEARS longer if they cut pension payments during pandemic

Hundreds of thousands of self-employed people have endured a tough 14 months as business has plummeted.  Only the Government’s income support scheme has kept many afloat.  Understandably, those who run their own businesses have looked to batten down the hatches – and often, it has been the contributions they make into a pension that have … Read more

Self-employed mortgage struggle for seven in 10

This is Money spoke to two freelancers about their struggles getting on the housing ladder.  Daniel Mitchell, professional musician and tutor from Greater Manchester  Daniel Mitchell, a musician, says he feels ‘lucky’ to have secured a mortgage during the pandemic as a self-employed person I have been a full-time freelancer since the start of 2019. … Read more

Newer self-employed eligible for SEISS but millions remain excluded 

Newly self-employed people will be breathing a sigh of relief today as the Chancellor confirmed that those who traded between and have completed a tax return for 2019 to 2020 are eligible for help.   The group, which includes more than 600,000 people who went self-employed last year, was unable to access the first three instalments … Read more

New cohort of self-employed are now eligible for SEISS but millions still remain excluded 

Newly self-employed people will be breathing a sigh of relief today as the Chancellor confirmed that those who traded between and have completed a tax return for 2020 to 2021 are eligible for Covid subsidies.  The group, which includes more than 600,000 people who went self-employed last year, was unable to access the first three … Read more

Raindrop: New platform offering Sipps to the self-employed

A new platform specifically designed for the self-employed workforce is now open and has bold aims of convincing millions of people without a pension to start saving for retirement. Raindrop will allow users to be flexible with their monthly contributions and pay into their pension either from their own account or via their limited company, … Read more

IFS: Over 1m self-employed missing out on government’s Covid support

More than a million self-employed workers are missing out on financial support from the Government because they have another source of income leaving many facing ‘serious hardship’, warns the IFS Government set up Self-Employment Income Support Scheme during pandemic It provides payments once a quarter worth 80 per cent of pre-pandemic profits But Institute for … Read more

Santander joins mortgage lenders turning off the tap for self-employed with new 40% deposit rule

Santander has become the latest lender to impose harsher restrictions on self-employed borrowers, excluding them from its lower-deposit mortgage deals.  The bank has said that new self-employed customers will only be offered mortgages to cover a maximum of 60 per cent of a property’s value. That means self-employed first-time buyers and most home movers will … Read more

Coronavirus UK: 1.5million self-employed tradesmen, cleaners and nannies are ‘striving’ to work

Some 1.5million self-employed people are ‘striving to find new forms of work to get by’ during third England’s third national lockdown amid a perceived lack of support. Industry bodies have told of a ‘resurgence of available work’ for tradespeople since the first lockdown last March, but calls are growing for them to be only allowed … Read more

Five ways the self-employed can boost pensions and lower tax bills

1. Make the most of ‘carry forward’ if you can Most people can pay up to £40,000 into a pension, known as the ‘annual allowance’ (including basic rate tax relief, this is £32,000 of your contributions).  When you’re self-employed, there may be some years when you can’t pay much into your retirement pot – when … Read more

Lenders shun the self-employed | Daily Mail Online

Millions of self-employed workers, already facing the blight of Covid-19, are receiving harsher treatment from mortgage lenders compared to salaried employees. Self-employed borrowers are being asked for bigger deposits, additional paperwork, with some lenders lowering the amounts they can borrow and subjecting them to longer waiting times with more frequent and rigorous questioning. There are … Read more