COVID19

Third Self-Employment Grant Available

Posted on by sharon baker

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?

  1. You’ll need an HMRC Government Gateway login to your tax account
  2. Self assessment unique tax payer reference (UTR)
  3. National Insurance number (NINO)
  4. 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:

 

 

sharon baker