The government has announced that the self-employed will receive taxable grants to cover November 2020 to April 2021 if your business has been affected by coronavirus.
So, are you eligible?
Who can get the grant? The scheme has only been extended for those that are currently eligible for the Self-Employment Income Support Scheme (SEISS) and are actively continuing to trade but are facing reduced demand due to coronavirus.
If you have not claimed a grant under the SEISS so far, but were eligible to, you can still claim the new grant. The key difference between this grant and the previous ones is that you must be actively trading, it does not appear to be available if you would be trading but are not able to due to Coronavirus.
How much will you be paid? The first grant will cover a three-month period from the start of November until the end of January. The government will provide a taxable grant covering 20% of average monthly trading profits, paid out in a single instalment covering three months’ profits.
The maximum amount is £1,875 for three months, so to get the full amount you need to have average profits of £37,500 per annum.
The second grant will cover the start of February until the end of April. The government will review the level of the second grant and set this in due course.
How do we apply? HMRC has not yet released details of how to apply but with the previous grants, individuals were contacted directly by HMRC