If you’re self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) the UK Government is re-opening the Self-Employment Income Support Scheme from 17th August 2020.
If you were eligible for the first grant and can confirm to HMRC that your business has been adversely affected on or after 14 July 2020, you’ll be able to make a claim for a second and final grant. You can claim for the second grant even if you did not make a claim for the first grant.
The scheme allows you to claim a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £6,570 in total.
HMRC will assess if you are eligible for the grant based on your trading profits and non-trading income on your Self Assessment tax returns.
If you’re eligible and your business has been adversely affected you’ll be able to make a claim from 17 August 2020.
Follow this link for more details.
All of the following must also apply:
1. You traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
2. You traded in the tax year 2019 to 2020
3. You intend to continue to trade in the tax year 2020 to 2021
4. You carry on a trade which has been adversely affected by coronavirus
You cannot claim the grant if you trade through a limited company or a trust.
If you claim Maternity Allowance this will not affect your eligibility for the grant.
To work out your eligibility they will first look at your 2018 to 2019 Self Assessment tax return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income.
It is worth studying the criteria as other trading years can be taken into account.
For more details and where to apply on August 17th follow this link!
As updates happen the Guild we keep you informed.