TIME IS RUNNING OUT – 19 October 2020
Self Employed – Income Support Scheme Grant
Like a football transfer window, the claim period for the 2nd self employed grant slams shut on 19th October 2020, and this window will not reopen.
If you have not claimed, you will not be able to claim that particular grant at a later stage.
You can claim even if you did not claim the first grant.
YOU MUST BE ELIGIBLE TO CLAIM
You must meet the eligibility criteria to claim:
- Your business has been adversely affected on or after 14 July 2020.
- You traded in the tax year 2018/2019 and submitted your tax return for that year before 23 April 2020
- You traded in the 2019/2020 tax year
- You intend to continue to trade in the tax year 2020/2021.
- Your average profits must be less than £50,000
- Your average profits must be at least half your total income.
HMRC DO THE HEAVY LIFTING
HMRC have worked out the amount of your claim.
To claim you need:
- Your Self Assessment Tax Payer Reference
- Your National Insurance Number
- Your Government Gateway ID
- Your Password
- Your bank details
To make your claim go to;
https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme
THERE WILL BE TWO FURTHER GRANTS
Grants are restricted to those eligible under the previous grant schemes regardless of whether you claimed or did not.
You must still be actively trading and intending to continue to trade and be impacted by reduced demand due to Covid-19 in the grant claim period.
There will be two further grants: -
- First grant runs from 1 November 2020 to the date of claim.
- The grant is capped at £1875
- It is calculated on 20% of average profits for a three-month period
- The calculation of average profits is still based upon trading profits reported on 2016/17, 2017/18 and 2018/19 tax returns.
The second grant runs from 1 February 2021 to the date of claim.
No other information is available about the level of the second grant.
Details of how to claim have not yet been released.