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Facing financial stress in uncertain times

Money worries are real for so many of us, especially during the coronavirus outbreak. With the government announcing unprecedented help to businesses, SMEs in particular, should be in a better place to cope with the most challenging circumstances the country has to deal with.

So far, the available governmental help includes:

  • Suspending the minimum income floor for the self-employed
  • Deferred taxes till Jan 2021 for the self-employed
  • A new job retention scheme will cover up to 80 per cent of wage costs Interest-free business loans for the period of 12 months
  • Deferring the next quarter of VAT payments
  • Increased Universal Credit allowance

Don’t let panic eat away at your mental health

With personal and company finances, mortgages, rents and pensions at stake, the uncertainty is lurking around every corner. It is easy to start speculating or even fall a victim of scams. From bogus phone calls to email-based hoaxes, scammers are trying to take advantage of panic-driven people who are more likely to fall for the financial help or tax rebates scam.

Make sure you use validated information sources

It’s crucial to have access to high-quality information. It will not only help manage anxiety levels and stop speculation, but also provide help to cope with these rapidly changing times.

With daily updates from the government offering various levels of support, some may want to seek further clarification. If you or your business is facing financial problems, don’t ignore your debt. If you need help with understanding your options and assistance with planning the future – contact us for free impartial advice via chat, email, or phone on 0800 118 2948.

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