Unless you have been hiding under a rock for the past several months (which wouldn’t be a bad thing!), there is no denying that the world, and all its many rules and restrictions, are changing faster than you can say “Covid-19”!
If you are self-employed, it can be hard to keep up to date with the financial support that is available to you.
We have made it simple with this brief overview.
By now, you may have already made up to two claims through the Self-Employment Income Support Scheme (SEIS). This generous scheme provides crucial support to self-employed people who have been adversely affected by the coronavirus.
The good news is these grants have now been extended to cover the periods November 2020 to January 2021 and February 2021 to April 2021.
Can you Claim?
You should be eligible to claim under the Grant Extension if you meet the following criteria:
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- You were previously eligible for the Self-Employment Income Support Scheme first and second grant – even if you did not claim the previous grants.
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- You declare that you intend to continue to trade and you are either actively trading but have reduced demand or you are temporarily unable to trade due to the coronavirus.
What will the Grant Extension Cover?
The Government are offering a similar level of support to what is being offered to employees through the Job Support scheme.
The Grant Extension will last for six months, starting from November 2020 and ending in April 2021. The sums will be paid in two lump sum instalments, and each will cover a three-month period.
The first grant will cover a three-month period from 1 November 2020 until 31 January 2021. Under this Grant, the Government will pay out a taxable grant which covers 40% of your average monthly trading profits. This lump sum will be paid out in a single instalment and will cover 3 months’ worth of profits. It is worth noting that the total amount will be capped at £3,750.
The second grant will cover a three-month period from 1 February 2021 until 30 April 2021. The Government will review the level of the second grant in due course, so keep checking back to our site for updates.
How Can You Claim?
From the 14th December 2020, you will be able to access the online service for the next grant.
HMRC will provide full details about claiming in guidance on GOV.UK – the latest updates are available on this HMRC GOV.UK website.
As the Coronavirus crisis continues to ripple across the world, we are working hard behind the scenes to offer the latest and most easy-to-follow advice. Things are changing constantly, so keep checking our site for the latest news and updates.
When it comes to your money, things have never mattered more.