Second Self-Employed Income Support Scheme launches
Over 2.6 million self-employed people have so far claimed for the first self-employed income support scheme which saw over £7.4billion paid out. The Chancellor Rishi Sunak announced that the self-employed income support scheme will be extended for a second and final time for those affected by Coronavirus (Covid-19). The second scheme will be open from Monday 17th August 2020.
Self-employed workers will have 70% of their average earnings (up to £6,570 in total) paid for by the Government in one lump sum (like last time) in August (covering June, July and August).
The eligibility for the scheme will be the same as last time as follows:
· The scheme will be open to anyone with trading profits of up to £50,000 and will only be available to those who make the majority of their income from self-employment.
· You will need to have been in self-employment before the 5 April 2019 and have a tax return for 2019 to apply. If you are not eligible you can access full Universal Credit payments.
· The grant will be taxable since it is based on your last previous taxable income.
· Applications will be open from Monday 17th August and close on Monday 19th October 2020.
· Your business must have been adversely affected on or after 14th July 2020.
· You do not have to have claimed the first grant to be able to claim the second.
The application process will be the same as the last time, whereby HMRC will contact those eligible by email to complete an online form and then funds will be paid directly into bank accounts sometime after. In the meantime, we suggest you collate together all necessary information, so you are ready to complete the online form when it becomes available. Like last time you will need to know your bank details, your NI number, HMRC UTR number and your Government Gateway user ID and password.
If you need help or support on any of the above, please contact the friendly team at Clear Vision on 01794 330 025 or email us on info@cv-fm.com
