The Self Employment Income Support Scheme has now opened for applications and will be available until the 19th October 2020.
HMRC are running a free webinar on how to claim this grant on a number of dates from 18th to the 28th August, click here to find a suitable date and register to attend.
You can claim a grant if you are self-employed or if you are a member of a partnership and your business has been affected by the Coronavirus disruption. For this second and final grant, your business must have been effected on or after the 14th of July 2020.
To be eligible, the following must 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
Limited companies or trusts are not eligible and maternity allowance will not affect your eligibility.
On the GOVUK website, it states:
To work out your eligibility we will first look at your 2018 to 2019 Self Assessment tax return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income.
If you’re not eligible based on the 2018 to 2019 Self Assessment tax return, we will then look at the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019.
Find out how we will work out your eligibility.
Grants under the Self-Employment Income Support Scheme are not counted as ‘access to public funds’, and you can claim the grant on all categories of work visa.
If you’ve previously requested a review please do not contact us again as your eligibility will not change.
We use the information you or your tax agent or adviser sent us on your Self Assessment tax returns to work out your eligibility.
If you think the information is incorrect contact HMRC.
You will receive a taxable grant based on your average trading profit over 3 tax years (2016 to 2017, 2017 to 2018 and 2018 to 2019). HMRC will work out your average trading profit by adding together your total trading profits or losses for those 3 tax years, to be divided by 3.
This 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. This will be capped at £6,570 and the online service will tell you how HMRC have worked out your grant.
How to make a claim
You can make a claim for this final grant on the GOVUK website, be sure to do this before the 19th October.
Enterprise Nation have published a handy article explaining more about the application process:
Enterprise Nation listed everything you will need to complete an application on their website here
To make a claim, you will need:
- Self Assessment Unique Taxpayer Reference (UTR) – if you do not have this, find out how to get your lost UTR
- National Insurance number – if you do not have this, find out how to get your lost 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
HMRC will check your claim and pay your grant into your bank account in the next six working days. You will receive an email confirmation.
You should keep any evidence that your business has been adversely affected by coronavirus at the time you made your claim, such as:
- business accounts showing a reduction in turnover or increase in expenditure
- confirmation of any coronavirus-related business loans you have received
- dates your business had to close due to lockdown restrictions
- dates you or your staff were unable to work due to coronavirus symptoms, shielding or caring responsibilities
If you're unsure about this process or require a different level of support during COVID-19, please get in touch with our dedicated business support team. We're here to help Black Country businesses access free business support programmes and opportunities.
Contact us at firstname.lastname@example.org or on 0300 770 2245