12th August 2020
If you are self-employed and eligible for the second claim under the Self-Employment Income Support Scheme, the scheme will be accepting claims from Monday 17th August 2020.
HM Revenue and Customs have provided detailed information about eligibility and the process for claiming on this link – https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme
In summary, you need to be able to confirm and prove if requested that on or after 14th July 2020 your business has been directly affected by the Coronavirus.
Claimants will then receive 70% of their average profits (averaged over the last 3 tax years or less if trading for a shorter period) for a total of 3 claim months. The claim is limited to a maximum claim of £6,570.
The following must be reviewed and confirmed prior to making a claim: –
- you traded in the tax year 2018/19 and submitted your Self Assessment tax return on or before 23 April 2020 for that tax year.
- you traded in the tax year 2019/20.
- you intend to continue to trade in the 2020/21 tax year.
- you carry on a trade which has been adversely affected by coronavirus.
As with the first claim, those with annual profits above £50,000 are not eligible to claim.
Please also note that as with the first claim we are unable to make the claim on your behalf.
Finally, the scheme closes on 19th October 2020 so please ensure that your claim is submitted in time.