Tuesday, 10 November 2020

Updated coronavirus Self-Employed Income Support Scheme grant details

As you may be aware, the Westminster Government has again revised the provision for the next Self-Employment Income Support Scheme grant, having previously gone from 80% of 3 months average monthly trading profits, and then to 70%, for the first two payments, but then proposing for the next tranche to pay just 20%, before going back up to 40% (see http://scottishgenes.blogspot.com/2020/10/uk-government-to-increase-self-employed.html). Well now the next payment will once again be paid at 80% of 3 months average monthly trading profits. Heres the blurb from HMRC:

The UK Government recognises the continued impact that coronavirus (COVID-19) has had on the self-employed and has taken action to provide support.

The Self-Employment Income Support Scheme grant extension provides critical support to the self-employed in the form of 2 further grants, each available for 3 month periods covering November 2020 to January 2021 and February 2021 to April 2021.

1. Who can claim

To be eligible for the grant extension self-employed individuals, including members of partnerships, must:

  • have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)
  • declare that they intend to continue to trade and either:
  • are currently actively trading but are impacted by reduced demand due to coronavirus
  • were previously trading but are temporarily unable to do so due to coronavirus


2. What the grant extension covers

The extension will last for 6 months, from November 2020 to April 2021. Grants will be paid in 2 lump sum instalments each covering a 3 month period.

The third grant will cover a 3 month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total. This is an increase from the previously announced amount of 55%.

The Government are providing the same level of support for the self-employed as is being provided for employees through the Coronavirus Job Retention Scheme which has also been extended until March 2021.

The Government has already announced that there will be a fourth grant covering February 2021 to April 2021. The Government will set out further details, including the level, of the fourth grant in due course.

The grants are taxable income and also subject to National Insurance contributions.

3. How to claim

The online service for the next grant will be available from 30 November 2020. HMRC will provide full details about claiming and applications in guidance on GOV.UK in due course.

(Source: https://www.gov.uk/government/publications/self-employment-income-support-scheme-grant-extension/self-employment-income-support-scheme-grant-extension)

Note the next application date - November 30th 2020.

Chris

My next 5 week Scotland 1750-1850: Beyond the Old Parish Registers course starts November 2nd - see https://www.pharostutors.com/details.php?coursenumber=302. My book Tracing Your Scottish Family History on the Internet, at http://bit.ly/ChrisPaton-Scottish2 is now out, also available are Tracing Your Irish Family History on the Internet (2nd ed) at http://bit.ly/ChrisPaton-Irish1 and Tracing Your Scottish Ancestry Through Church and State Records at http://bit.ly/ChrisPaton-Scotland1. Further news published daily on The Scottish GENES Facebook page, and on Twitter @genesblog.

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