I've found a great tool for those setting up in self employment and are ok with computers. This website offers an excel template where you enter your income and expense categories, then every month you enter the financial information. It updates the spreadsheet and gives you a clear picture of your finances in readiness to hand over to your accountant at the end of the tax year....Please click on the template button.
Self-Employment Income Support Scheme
Some traders may find that their income is so low, they are only able to apply for Universal Credit to provide an income. However, if you're fortunate enough to have made a modest profit in 2018/19, then you will be invited by HMRC to apply for this grant. HMRC will invite you to apply for it and if successful, you will receive 80% of your net profit as a taxable grant to provide an income whilst trade is down during the Covid lockdown. To read more, please click on the link below which will take you to HMRC....
During this period, keeping accurate financial records are vital. There are numerous schemes and loans being offered by HMRC but you will need to ask yourself if you really need the support. Universal credit is offered to those with little income, the scheme shown above which is a taxable grant and so will be included in next year's Tax Return. Then there's the bounce back loans which are interest free for 12 months, then 2.5% interest thereafter. For more information from HMRC regarding this, please click on the button below.