Many of you will be aware that the first self-employed grant closed on 13 July, however a second and final grant is available and will open for applications on Monday 17th August 2020 and will close on Monday 19th October 2020
In summary;
- you need to have been adversely affected by Coronavirus on or after 14 July.
- the grant is worth 70% of your trading profits (first grant was 80%)
- there is no requirement for you to have claimed the first grant in order to be eligible for the second grant.
- you must have filed a tax return for the 2018/19 tax year.
- the grant is based on your profits over three tax years so 2016/17, 2017/18 and 2018/19
- to be eligible you must earn more than 50% of your total income from self-employment.
- Your average trading profit must be less than £50,000 a year.
- Unlike the employee furlough scheme, you CAN keep working.
- Even if you claim the grant, you can still apply for and be eligible for universal credit.
Although the HMRC portal is not open for applications yet, we would advise on collating your information in advance to avoid any delay in receiving your grant.
For further information, please contact Chandni Ladwa; chandni@jamesstanley.co.uk
