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The government has announced that the self-employed will receive taxable grants to cover November 2020 to April 2021 if their business has been affected by coronavirus. Are you eligible?
Who can get the grant?
The scheme has only been extended for those that are currently eligible for the Self-Employment Income Support Scheme (SEISS) and are actively continuing to trade but are facing reduced demand due to coronavirus. If you have not claimed a grant under the SEISS so far, but was eligible to, you can still claim the new grant. The key difference between this grant and the previous ones is that you must be actively trading.
How much will they be paid?
The first grant will cover a three-month period from the start of November until the end of January. The government will provide a taxable grant covering 20% of average monthly trading profits, paid out in a single instalment covering three months’ profits. The maximum amount is £1,875 for three months. The second grant will cover the start of February until the end of April. The government will review the level of the second grant and set this in due course.
How do you apply?
HMRC has not yet released details of how to apply but with the previous grants, individuals were contacted directly by HMRC. You can check your client’s eligibility here
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