COVID-19 - HOW DIFFERENT CIRCUMSTANCES AFFECT THE SELF-EMPLOYMENT INCOME SUPPORT SCHEME

The Government has updated its page on the Self-Employment Income Support Scheme.  If you are self-employed or member of a partnership, find out how your circumstances can affect your eligibility for the Scheme.

See: https://www.gov.uk/guidance/how-different-circumstances-affect-the-self-employment-income-support-scheme?utm_source=25c717d0-7b09-4e9c-a386-4f6dde8a1958&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate

The Scheme is now closed for claims for the first grant.

The Scheme has been extended.  If you were eligible for the first grant and can confirm to HMRC that your business has been adversely affected on or after 14 July 2020, you will be able to make a claim for a second and final grant from 17 August 2020.

The Scheme allows you to claim a second and final taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering three months' worth of profits, and capped at £6,570 in total.

As with the first grant, HMRC will contact you if you're eligible.

HMRC will work out your eligibility for the second grant in the same way as the first grant.

You can make a claim for the second grant if you're eligible, even if you did not make a claim for the first grant.

See: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme?utm_source=a07822f3-cbb8-45c2-b106-35f2236d46c8&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate

Take care, stay safe.

#TeamWaltons