Self Employed Income Support Scheme Extension

The self employed scheme has now been extended, to allow eligible businesses ( self employed individuals or partners in a self employed partnership ) to claim a second and final grant if the business has been adversely affected by Covid 19 on or after 14th July 2020. The claim can be made in August, and it does not matter if the first grant was not claimed.

A claim for the first grant must be made on or before 13th July 2020.

A claim can be made if all of the following conditions apply : you traded in 2018/19 and submitted your tax return by 23rd April 2020 for that year; you traded in 2019/20; you intend trading in 2020/21; your trade has been adversely affected by Covid 19.

Adversely affected could include being shielded, self isolating, sick because of Covid 19, have care responsibilities because of Covid 19, supply chains are interrupted, you have fewer customers, your staff cannot work.

You can check your eligibility for the scheme at www.tax.service.gov.uk/self-employment-support

The first grant is worth 80% of the average monthly trading profits covering 3 months worth of profits capped at £7,500 in total. The second grant is worth 70% of the average monthly trading profits covering a further 3 months worth of profits capped at £6,570 in total. These grants constitute normal taxable trading income.

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