Since it was announced that the UK is entering a lockdown, many self-employed individuals have found themselves worrying about their finances.
Beauticians, hairdressers, child-minders and dog walkers are just some of the people who have been affected by the new social distancing guidelines, leaving them unable to see clients - something which has caused a significant drop in regular income.
Now Martin Lewis has given his advice to the self-employed affected by the changes, and he's urging people not to panic.
In a video posted on social media, Martin addressed self-employed Brits who are worried for the future right now, and gave his best advice for what those in need of financial support should do.
He said: "I’m very aware of how difficult the scenario is right now if you’re self-employed.
"You may have no income coming in and feel there is very limited support coming in from the state so I have two big messages for you.
"I have it confirmed from the government they are working on a support package for the self-employed.
"They hope to make an announcement this week.”
Martin says he doesn't yet know what the support package will be, but thinks: "One would assume they would be looking to put the self-employed in some sort of parity with employees receiving 80% of their salary."
Martin added that self-employed individuals who have money put aside for tax payments are allowed to defer their self-assessment payment by six months, which would free up some much-needed cash.
For those employed but on zero-hour contracts, the Money Saving Expert advised: "It depends on the nature of your zero-hours contract, but if you are paid by PAYE it may well be possible to be furloughed."
Furloughing, Martin says, is the new system.
He explained: "I want you to think of it, the best analogy is a bit like putting your TV on standby.
"You switch it off, it’s not fully off, it waits there until you need it again and that's what the Government is trying to do to the many employees who won’t, or can’t be able to work, so you could be put on standby.
"Now in order to do this, what it said is, companies will be able to claim up to 80% of your salary up to a maximum of £2,500 a month - if an employee is on furlough.
"Now they’ve said, and we would all hope that the company will give them 100% of their salary, but, it doesn’t have to do that. However, that’s not necessarily a bad thing because in some cases they would be getting rid of you or giving you unpaid leave anyway.
"So, if your situation is the only way they’ll keep you on is to go on 80% of your salary - volunteer it. Hopefully, companies that are a bit more financially solid will give you more."
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