Self-Employment Income Support

Applications for the second and final grant are now open. If you’re eligible and your business has been adversely affected on or after 14 July 2020, you must make your claim for the second grant on or before 19 October 2020.

The second and final taxable grant is worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £6,570 in total.

If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist.

The grant will be subject to Income Tax and self-employed National Insurance. There is other support available if you’re not eligible for the grant including Universal Credit.

Full details of the scheme and eligibility can be found here.

HMRC will work out if you’re eligible and how much grant you may get. You can check if you’re eligible to claim yourself using an online tool. Information on how much you might get is available here.

Information on how HMRC works out total income and trading profits for the Self-employment Income Support Scheme is available to read here.

Who can claim

You can claim a grant if you’re a self-employed individual or a member of a partnership and your business has been adversely affected due to coronavirus.

To make a claim for the second and final grant your business must have been affected on or after 14 July 2020.

All of the following must also apply:

  • you traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
  • you traded in the tax year 2019 to 2020
  • you intend to continue to trade in the tax year 2020 to 2021

You cannot claim the grant if you trade through a limited company or a trust.

If you claim Maternity Allowance this will not affect your eligibility for the grant.

To work out your eligibility we will first look at your 2018 to 2019 Self Assessment tax return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income.

If you’re not eligible based on the 2018 to 2019 Self Assessment tax return, we will then look at the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019.

Find out how we will work out your eligibility.

Grants under the Self-Employment Income Support Scheme are not counted as ‘access to public funds’, and you can claim the grant on all categories of work visa.

Page updated: 17/08/2020

Contact us direct if you have any questions or concerns and we will do our very best to help.

 

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