The second and final Self Employment Income Support Scheme grant went live today. This 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. You must make your claim on or before 19 October 2020.
HMRC will work out your eligibility 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.
Here is our step by step guide on what you need to do.
Find out if you are eligible for the second grant
To make a claim for the second grant your business must have been affected on or after 14 July 2020.
All of the following must also apply, you must have:
- traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
- traded in the tax year 2019 to 2020
- 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.
Click on this link to find out if you are eligible.
You will need your:
- Self assessment UTR
- National Insurance Number
- Government Gateway ID and password
If you aren’t sure about the first 2 we can help you, but we do not have your Government Gateway ID and password, this is something you have to set up on your own.
If you do not know or don’t have a Government Gateway ID and password here are some step by step instructions about how to get one. Once you have completed the eligibility checker it will prompt you to set up the Government Gateway account.
When you make your claim
You will need your:
- Self Assessment UTR
- National Insurance number
- Government Gateway user ID and password
- Bank account number and sort code you want us to pay the grant into (only provide bank account details where a Bacs payment can be accepted)
You’ll have to confirm to HMRC that your business has been adversely affected by coronavirus.
If you receive the grant you can:
- continue to work
- start a new trade or take on other employment including voluntary work and duties as a military reservist
The grant does not need to be repaid if you’re eligible, but will be subject to Income Tax and self-employed National Insurance.
HMRC will check claims and take appropriate action to withhold or recover payments found to be dishonest or inaccurate.
Once you’ve submitted your claim, you will be told straight away if your grant is approved. The grant will be paid into your bank account within 6 working days.
Finally, if we can help in any way please give us a call on 01332 292022 or drop us an e-mail.