Self Employment Income Support Scheme Grants
Applications for the first grant under the scheme closed on 13th July 2020.
Applications for second grant are now open. This second and final taxable grant is worth 70% of an individual’s average monthly trading profits, is paid out in a single instalment and covers three months’ worth of profits. This is capped at £6,570 in total.
The grant is only available to businesses that have been adversely affected on or after 14th July 2020. Taxpayers must make a claim for the second grant on or before 19th October 2020.
HMRC will work out businesses’ eligibility for the second grant in the same way as the first grant. Taxpayers are able to make a claim for the second grant if they are eligible, even if they did not make a claim for the first grant.
HMRC have confirmed that taxpayers can continue to work, start a new trade or take on other employment including voluntary work and duties as a military reservist.
Joanna Earl, of Harvey, Telford & Bates says:
“The second Self Employed Income Support Grant does not need to be repaid if a taxpayer is eligible but will be subject to both income tax and self-employed National Insurance. If you require assistance on taking advantage of this second grant, please get in touch with one of our members at Telford, Harvey & Bates and we will be able to assist you.”
If you would like assistance, please call us on 01743 462604 or email us at [email protected] to schedule an appointment.
Please click here on the Gov.uk for more information on the Self Employed Income Support Scheme at Gov.uk’s website