The UK Government have decided to extend the Self-Employed Income Support Scheme to support the self-employed
The support will be in the form of two grants, covering 1st November 2020 to 31st January 2021 and 1st February 2021 to 30th April 2021.
To be eligible to claim the Grants self-employed individuals, and partnership members must:
- have been previously eligible for the Self-Employment Income Support Scheme first and second grant (even if the previous Grants were not claimed)
- 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
The first grant available covering 80% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total.
The level of the second grant available will be announced in due course.
The grants will be subject to tax and class 4 national insurance contributions but are outside the scope for VAT.
Claiming the Grant
The online service for the next grant will be available from 30th November 2020
More details to follow