Self-employed workers and those who are a member of a partnership can apply for a grant worth up to 80% of their average monthly profits to help them cope with the financial impact of coronavirus. Applicants can make a claim through the government website.
WHAT ARE THE KEY MEASURES?
- Self-employed workers and those who are a member of a partnership can now apply for the third grant made available under the Self Employed Income Support Scheme. Those who were ineligible for the first and second grants will not qualify for this grant.
- Those who qualify can apply for a grant worth 80% of their average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total.
- The applicant’s business must have had a new or continuing impact from coronavirus between 1 November 2020 and 29 January 2021, which the applicant reasonably believes will have a significant reduction in their profits.
- Applications must have been received by 29 January 2021.
- The grant is not repayable, but is subject to Income Tax and self-employed National Insurance.
- Applicants must have traded in both the 2018/2019 and 2019/2020 tax years.
For more information on the above, please contact a member of the Employment Team.
If you are self-employed, you should also consider how the introduction of IR35 in April 2021 may affect you. Our article on IR35 provides helpful guidance.
These notes have been prepared for the purpose of an article only. They should not be regarded as a substitute for taking legal advice