SELF-EMPLOYMENT INCOME SUPPORT SCHEME GRANTS

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HMRC are inviting self-employed individuals or members of a partnership who have been adversely affected by the pandemic (Coronavirus-19) to claim a second grant

HMRC are inviting self-employed individuals or members of a partnership who have been adversely affected by the pandemic (Coronavirus-19) to claim a second grant referred to as the; self-employed income support grant.  This support scheme does not apply to Company directors.   This is a continuation of the first grant which closed in July 2020.

The second and final grant is worth 70% of an individual’s average monthly trading profits, paid out in a single instalment covering three months’ worth of profits.   It is taxable and capped at £6,570.

Applications for the second and final grant are now open and applications must be submitted on or before October 19th this year.  . The grant is available only to those self-employed individuals or members of partnerships that have been adversely affected by the virus on or after 14 July 2020.

HMRC will work out eligibility for the second grant in the same way as the first grant.   You can make a claim for the second grant regardless of whether you made a claim for the first grant.   HMRC have confirmed that the grant is payable even if you are continuing to work or starting a new trade.

Note

HMRC state that you must make the claim yourself. You cannot use an agent, accountant or advisor to claim on your behalf as this will trigger a fraud alert, which will delay your payment.  You will have to prove to HMRC that your business has been adversely affected due to coronavirus.

What you will need

Self-Assessment Unique Taxpayer Reference (UTR)

National Insurance number

Government Gateway user ID and password

UK bank Account Details

HMRC relevant website

https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme

Contact for more information

Roger GUNNING FCMA CGMA

Gloucester Office

roger@taxcompute.co.uk

Tel: 01452 835724