pro finance blog
Menu
  • About Me
  • Hire Me
  • Contact Me
  • Submit a Guest Post
    • Privacy Policy
    • Disclaimer
Menu
Financial Help Whilst Self Employed

Reasons for Needing Financial Help Whilst Self Employed

Posted on January 29, 2021January 16, 2023 by Tina Roth

Running a business can be a time-consuming process, but being unemployed takes this and makes it much more difficult than ever before as the management of finances and taxes is completely up to you. To help you understand this, we will be providing you with insight into some of these financial aids that you can opt for to help cover your bills throughout 2021 when you are unable to work.

You Are Your Own Boss

Though this is a huge benefit for a large number of people being your own boss does of course come with its own challenges when it comes to financial stability, particularly during this time of ongoing uncertainty. With many people unable to work due to the lockdown restrictions implemented within the UK, there are several people unable to work and therefore seeking financial aid to pay bills until they can work again.

Down Seasons with Clients

In addition to needing financial help as a result of the pandemic, there is often a quiet season from time to time, depending on the industry that you are working in. As a result, some of those who are self-employed will require financial help as this will ensure that they still have some form of income throughout the quieter months in order to cover the bills.

Different Types Of Finances Available To You

When you are your own boss, you are responsible for applying for alternative finances in order to keep yourself afloat, but which of these is the best one for you? Though it may seem tempting to opt for a quick loan, this is a short term solution when combined with other financing options available. To help you out, we have listed the two finance options that are available to you below:

Employment And Support Allowance – This is an income payment paid to those that have applied for it every two weeks. This can be applied for by those with a full national insurance record for taxes and cannot be claimed by those that are already being paid a disability premium.

Universal Credit – Universal Credit can be applied for through the government to help you with the costs for your house as well as the children and caring responsibilities. This can be applied for by those that are collectively earning under £16,000 per year as a household.You could also apply for a loan while on Universal Credit to help alleviate your immediate financial situation.

How Much Can You Get From Each Payment?

Each of these payment options that you can apply for will give you a difference in each of the payments that you are making. With the employment and support allowance, those that have applied for this is typically between £74.35 a week with those under the age of 25 only having the £58.90 a week to cover the bills and the weekly food shop at this time. Alternatively, universal credit will allow you to cover all the cost of your bills without having to worry about money at this time.

With this in mind, there are several ways that you can begin to finance yourself even during this time of ongoing uncertainty. Which of these will you be paying for in 2021.

Category: Personal Finance

Leave a Reply Cancel reply

You must be logged in to post a comment.

About Me

finance blogger

The idea of starting a blog has been hitting me for long; I took it seriously after falling into a spiral of debt and recovering from it.

I have been anxious all through the financial difficulties. I see that same anxiety in the eyes of people, whose ill fate has put them at odd with financial repose.

It makes me compassionate. Out of this compassion and goodwill, I started this blog. I wanted to help all those, who are facing financial distress..




  • Stock Market
    Understanding the Gov Tech MarketFebruary 16, 2023
  • Phuket Real Estate
    Why You Should Invest in Phuket Real EstateJanuary 24, 2023
  • Corporate Governance
    Corporate Governance: What Are the 3 Core Principles of Good Corporate Governance?December 17, 2022
  • Successful Retirement
    How To Plan For Successful Retirement At 50: 5 Steps To Get Started OnNovember 4, 2022
  • Online Money Transfer
    Do You Still Transfer Money Internationally With Your Bank? There Are Better Online Solutions For ThatOctober 14, 2022
  • finance
    Important Roles of the Minister of FinanceSeptember 16, 2022
  • Avoid for New Businesses
    5 Forecasting Faux Pas to Avoid for New BusinessesSeptember 16, 2022
  • Affecting Pensions
    How Inflation Is Affecting PensionsSeptember 2, 2022

    ProFinance Blog is dedicated to help people who are struggling with their personal finances. We have learned the lessons first hand and know how real the struggle is. Being compassionate about the personal finances and blogging about is our way to help people know more about different situations and how effectively they can handle it. So take control of your finances now and take actions towards gaining financial freedom and security. Join us in the mission to self-educate, learn and help others by sharing valuable information on finances. Here you will find information, tools and techniques on various aspects of finances and learn how you can use the information and implement it to make your financial life better than ever.Join us in our mission to financial freedom.

    • Stock Market
      Understanding the Gov Tech Market
    • Phuket Real Estate
      Why You Should Invest in Phuket Real Estate
    • Corporate Governance
      Corporate Governance: What Are the 3 Core Principles of Good Corporate Governance?
    © 2023 ProFinance Blog | Powered by Minimalist Blog WordPress Theme