Self Employed Income Support Scheme Extended

Posted 06/11/2020
Written by Robert Parkin
Category COVID-19 HELP

Government increases support for self-employed across the UK - GOV.UK

The Self-Employment Income Support Scheme grant has been extended in the form of 2 further grants, each available for 3 month periods covering November 2020 to January 2021 and February 2021 to April 2021.

Who can claim?

To be eligible for the grant extension self-employed individuals, including members of partnerships, must:

  • have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)

  • declare that they intend to continue to trade and either:

    • are currently actively trading but are impacted by reduced demand due to coronavirus

    • were previously trading but are temporarily unable to do so due to coronavirus

What it covers?

The extension will last for 6 months, from November 2020 to April 2021. Grants will be paid in 2 lump sum instalments each covering a 3 month period.

The third grant will cover a 3 month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total. 

The fourth grant covering February 2021 to April 2021. The Government will set out further details, including the level, of the fourth grant in due course.

The grants are taxable income and also subject to National Insurance contributions.
 

How to cliam

The online service for the next grant will be available from 30 November 2020. HMRC will provide full details about claiming and applications in guidance on GOV.UK in due course.

Comments

There are no comments

Post a comment