It has been announced that the Chancellor Rishi Sunak has plans to extend the Self-Employment Income Support Scheme. This will mean that traders and the self-employed will be able to make a second claim if their business continues to be affected by COVID-19.
The second claim will be made in August and will be a taxable grant worth 70% of average monthly trading profits over three months. It will be paid out in a single transaction and have a cap of £6,750 in total.
The eligibility criteria will be the same as the first grant, although people do not need to have claimed the first grant to be eligible for the second.
You can claim if you are a self-employed individual (or member of a partnership) and all the following apply:
- you traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
- you traded in the tax year 2019 to 2020
- you intend to continue to trade in the tax year 2020 to 2021
- you carry on a trade which has been adversely affected by coronavirus
More information will be released on the 12th June
The first Self-Employment Income Support Scheme Grant
It is important to remember that claims for the first grant need to be made by 13th July and must be made by the individual not the tax agent or accountant.