Sole Trader since 6th April 2019 - what benefits am I entitled to ?

AdrianM111

Hi, I’ve been registered as a sole trader since April 6th 2019. I am a management consultant and have been told by the firm I am providing services for that they will not renew my contract in April due to the Coronavirus and business uncertainty at this time.
As I’m new to self-employment this year , I haven’t completed a self assessment for this first year yet - although I have registered and got my self assessment code.
Whilst I am aware that I do not qualify for the government’s recent self employed support (not having a 2018/19 tax year under my belt) - I have been putting away in my business saving account what I estimate to being a years worth of tax and NI contributions.
These savings are to cover my tax and NI total more than £16,000 - I have no further savings -  will this affect my ability to apply for Universal credit which states that I can not have savings over £16k -Bearing in mind I don’t want to have to start using my tax money to live on?
I’m sure I’m not alone in this situation and I find that, considering I am in the last week of my first tax year, this very frustrating and unfair -as I have almost a full year of records for my sole trader business.
Also, is there any way that the government will consider to review this decision if I am able to submit my tax return soon after the 6th April this 2020.
Lastly - are there any other benefits I could look at ?
Please can someone offer me some advice and guidance - also is there a petition for the vast number of people who are still affected by this unfair cut-off ?
Thank you 
Adrian

Jeremy535897

I recall another poster saying you can't deduct liabilities for looking at the capital available under UC rules. It's not something I am familiar with. If this would be the only thing stopping you getting UC you might pay the tax early, but that is a pity as the July 2020 instalment has been deferred interest free to 31 January 2021. Other than a mortgage holiday, there doesn't seem much available except to look for more work. I think there are lots of petitions at the moment, on various subjects.

Hermann

Isn't there something about money in a separate account for paying tax with can be counted as a business asset and therefore excluded from the asset list?

Hopefully one of the more knowledgeable forumites will be along to clarify. 

Dazed_and_C0nfused

If you have your UTR there is nothing (from HMRC's perspective) preventing you paying your expected tax bill now.

You won't receive any interest from HMRC, it will simply be a credit on your account.

How DWP would view it is another matter.

calcotti

If the money is in a separate business account I think you should be able to treat it as a business asset not a personal asset. If it is a business asset it will be disregarded.
see https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/864939/admh2.pdf paragraph H2021 and following
If you wish to claim UC I would make the claim and do not include the business money in the amount you declare for savings during the claim process. Once you have access to your online journal I would then post a message detailing your business assets and stating that you have not included them because you understand business assets can be disregarded.