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Support for the self-employed has been extended

The Government has announced more support will be available for the self-employed in the form of two grants, each available for three-month periods covering November 2020 to January 2021 and February 2021 to April 2021.

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

The first grant will cover a three-month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant covering 55% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £5160.00 in total.

The grant has been increased from the previously announced level, with the rate for November increasing from 40% to 80%, taking the three-month average to 55% (from 40%)

The second grant will cover a three-month period from 1 February 2021 until 30 April 2021. The Government will review the level of the second grant and set this in due course.

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

HMRC will provide full details about claiming and applications in due course, please check the Government website for updates.

*based on published information as of 3rd November 2020

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Cunningtons
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Edward House
Grange Business Park
Whetstone
Leicester
LE8 6EP

T: 0116 278 2380
E: info@cunningtonsaccountants.co.uk

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