The Online service has now become available on HMRC to claim the second Self Employment Income Support Grant. You need to make your claim on or before the 19th October 2020 to be eligible for the scheme.
To make the claim for the second and final grant your business must have been affected on or after the 14th July 2020.
All of the following must also 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 cannot claim the grant if you trade through a limited company or a trust.
How much you’ll get
You’ll get a taxable grant based on your average trading profit over the 3 tax years:
- 2016 to 2017
- 2017 to 2018
- 2018 to 2019
HMRC will work out your average trading profit by adding together your total trading profits or losses for the 3 tax years, then divide by 3.
The second and final grant is worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £6,570 in total. The online service will tell you how the grant is worked out.
The first grant, for which applications closed on 13 July 2020, was based on 80% of your trading profits and capped at £7,500 in total.
The grant amount is worked out for you will be paid directly into your bank account, in one instalment.
What you will need
You will need your:
- Self Assessment Unique Taxpayer Reference (UTR)
- National Insurance number
- Government Gateway user ID and password – if you do not have a user ID, you can create one when you make your claim
- UK bank details (only provide bank account details where a Bacs payment can be accepted) including:
- bank account number
- sort code
- name on the account
- your address linked to your bank account
Here is the link to access the scheme
https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme
Many Thanks,
Chris Blackwood