Great news for a lot of self-employed people. The third self-employment grant is available, and the portal will open 30 November 2020 for claims.
So what do we need to know?
Who is eligible?
- Self-employed people who are impacted by COVID
- It can be a continuing effect, or you can be newly affected
- You must be affected between 1 November 2020 and 29 January 2021
- You must have traded in the 2019 and 2020 tax year
- You must be either:
- currently trading but affected by coronavirus
- temporarily unable to trade due to coronavirus
- You must be able to declare that:
- you intend to continue to trade
- you believe you will have a significant reduction in your trading profits
If you’re not sure you can prove this, you might want to wait and see how your business is doing.
What do we get?
- You’ll get 80% of your average monthly trading profits
- It’s based on the 3 years’ profits up to the 2019 tax year
- The calculation is based on the same figures as claim 1 and 2
- It’ll be paid in one instalment in December 2020
- It’s capped at £7,500
- If you’re a KP client, we have these calculations already 🙂
How do we claim?
- Claim online here
- You can claim from 30 November 2020
- Wait til you get an email or letter from HMRC, or a message in your HMRC online account
What info do we need to make a claim?
- You’ll need an HMRC Government Gateway login to your tax account
- Self assessment unique tax payer reference (UTR)
- National Insurance number (NINO)
- UK bank details including
- bank account number
- sort code
- name on the account
- your address linked to this account
What else do we need to know?
- More info from HMRC here
- There will be a 4th grant in February, this is being reviewed by Government in January 2021
Other help available:
- Furlough grant from 1 November
- Local restriction grants: check if you’re eligible
- Bounce back and CBILS loans
- What to do if you’re worried about paying your taxes
- How long will my loan last?