Further Guidance - Extension to the Self Employment Income Support Scheme

Updated 19th June 2020

If you are self-employed or a member of a partnership and have been adversely affected by coronavirus, you could be eligible to claim a grant under the Self Employment Income Support Scheme.

The scheme currently allows you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, capped at £7,500 in total. If you are eligible and want to claim the first grant you must make your claim on or before 13 July 2020. Please visit our website here for more information.This scheme is being extended, with a second and final grant being available to claim in August 2020. The online service for the second grant is not yet available.

HMRC will work out your eligibility the same way as the first grant. If you make a claim for the second grant you will have to confirm your business has been adversely affected (see below) on or after 14 July 2020.

The second grant will be a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits, capped at £6,570 in total.

You can claim for the second and final grant even if you did not make a claim for the first grant.

Your business could be adversely affected by coronavirus if, for example:

  • you are unable to work because you:
    • are shielding
    • are self-isolating
    • are on sick leave because of coronavirus
    • have caring responsibilities because of coronavirus
  • you have had to scale down or temporarily stop trading because:
    • your supply chain has been interrupted
    • you have fewer or no customers or clients
    • your staff are unable to come in to work

Other help you can get

Get other financial support

You can make a claim for Universal Credit while you wait for the grant. The grant may affect the amount of Universal Credit you get, but will not affect claims for earlier periods.

The Government is also providing the following help for the self-employed:

If you have concerns or questions, please contact us on 01932 830664 or through your usual client partner contact. As further details are announced, we will keep you informed.

Back to Coronavirus Business Updates

About the author

Simon is the Tax Director at Ward Williams and has more than 20 years of practical experience working in the tax profession.

 

Specialising in personal tax, Simon qualified as a Tax Technician in 2007, having been awarded with the Ivison medal for attaining the highest mark in the Personal Taxation paper in 2006.

 

As department head, Simon oversees the tax team across the Ward Williams group, whilst managing a diverse portfolio of clients including high net worth individuals, doctors, directors of owner managed businesses, partnerships and sole traders.

simon.boxall@wardwilliams.co.uk

01895 236335