03/10/2020 by Andrew Brealey, Brealey + Newbury Accountants 0 Comments
Self-Employment Income Support Scheme grant extension
The grant extension is for self-employed individuals who are currently eligible for the Self-Employment Income Support Scheme and are actively continuing to trade, but are facing reduced demand due to coronavirus (COVID-19).
To be eligible for the grant extension self-employed individuals, including members of partnerships, must:
1. Who can claim
- currently be eligible for the the Self-Employment Income SupportScheme (although they do not have to have claimed the previous grants)
- declare that they are currently actively trading and intend to continue to trade
- declare that they are impacted by reduced demand due to coronavirus in the qualifying period (the qualifying period for the grant extension is between 1 November and the date of claim)
2. What the grant extension covers
The extension will provide two grants and will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period.
The first grant will cover a three-month period from the start of November until the end of January. HMRC will provide a taxable grant covering 20 per cent of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £1,875 in total.
3. How to claim
HMRC will provide full details about claiming and applications in guidance on GOV.UK in due course.