Further Guidance – Extension to the Self Employment Income Support Scheme
If you are self-employed or a member of a partnership and have been adversely affected by coronavirus, you could be eligible to claim a grant under the Self Employment Income Support Scheme.
The scheme currently allows you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single installment covering 3 months, capped at £7,500 in total. If you are eligible and want to claim the first grant you must make your claim on or before 13 July 2020. Please visit our website here for more information.This scheme is being extended, with a second and final grant being available to claim in August 2020. The online service for the second grant is not yet available.
HMRC will work out your eligibility the same way as the first grant. If you make a claim for the second grant you will have to confirm your business has been adversely affected (see below) on or after 14 July 2020.
The second grant will be a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits, capped at £6,570 in total.
You can claim for the second and final grant even if you did not make a claim for the first grant.
Your business could be adversely affected by coronavirus if, for example:
- you are unable to work because you:
- are shielding
- are self-isolating
- are on sick leave because of coronavirus
- have caring responsibilities because of coronavirus
- you have had to scale down or temporarily stop trading because:
- your supply chain has been interrupted
- you have fewer or no customers or clients
- your staff are unable to come in to work
Other help you can get
Get other financial support
You can make a claim for Universal Credit while you wait for the grant. The grant may affect the amount of Universal Credit you get, but will not affect claims for earlier periods.
The Government is also providing the following help for the self-employed:
- deferral of Self Assessment Income Tax and VAT payments
- grants for businesses that pay little or no business rates
- Business Interruption Loan Scheme
- Bounce Back Loan
If you have concerns or questions, please contact us on 01932 830664 or through your usual client partner contact. As further details are announced, we will keep you informed.
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