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Claimants who meet the criteria should, therefore, receive their first payment after two weeks.

Payments for ESA are made fortnightly in arrears. Through ESA you can claim up to £73 per week – the amount won’t be affected by either you or your partner’s savings or income, though if you get a private pension worth more than £85 per week it could be reduced. The Government has confirmed that self-employed individuals can claim ESA from the first day of illness or self-isolation instead of waiting for seven days, but it may take several weeks for a claim to be processed under Universal Credit. To make a claim you will not be required to produce a Fit Note. It is strongly advised that you don’t delay making a benefit claim if you think you may be affected by Coronavirus. If you find yourself in this situation you can apply for Universal Credit and/or apply for New Style Employment and Support Allowance (ESA) to top up your income. If you cannot work due to Coronavirus and are self-employed you are not likely to be eligible for sick pay and may find that the volume of work available to you subsides.Īlthough you may able to access the newly announced Self-Employment Income Support Scheme from June, you may also require additional help via the benefits system. SSP is paid at a rate of £94.25 per week.įull details of the new measures relating to SSP can be found on our COVID-19 Business Support Hub by clicking here. To help them make sense of your rights and what financial support may be available to them, we have prepared a useful summary below:Īnyone who contracts Coronavirus, or who is required to self-isolate under the Government’s current guidance may be entitled to statutory sick pay (SSP). When trying to decide, also bear in mind the cost of fees against the financial and emotional cost of getting it wrong if you buy without advice.The ongoing COVID-19 pandemic is having a significant impact on all aspect of individual’s lives, not least their personal finances.ĭuring this difficult period, it is likely that your staff may look to you for advice if their own income is affected by the economic impact of this virus. If the answer to any of these is ‘no’, then getting financial advice might be your best option. Do you have the time and resources to review your finances regularly, to make sure everything is still on track?.If things go wrong, are you comfortable taking responsibility for any bad investing decisions?.

Do you have much experience, knowledge or skills when it comes to investing?.

Do you have the time to do the research?.

And you could risk buying a product that’s not suitable for you. Are you thinking of investing in shares, unit trusts and other investments? Then you might have the knowledge and confidence to buy these directly from a broker, provider or fund supermarket without getting advice.īut these products are harder to understand than cash savings products, and it’s not always easy to work out exactly what to expect from them or how they work.īy not getting advice, you might not be considering all of the options available to you.