A second taxable grant is now available if you are self-employed or a member of a partnership and have been adversely affected by coronavirus. Applications for the first grant closed on 13 July 2020. This was based on 80% of your trading profits and capped at £7,500 in total. The second grant is the final one and is worth 70% of your average monthly trading profits. You must make your claim for this, if you are eligible, on or before 19 October 2020, showing your budget has been affected on or after 14 July 2020.
Apply through the government gateway
The second grant will be paid out in a single installment covering 3 months’ worth of profits, and capped at £6,570 in total. HMRC will work it out for you using the same criteria as the first grant. Application is through the government gateway as before.
General guidelines for the second self-employment grant
- You do not need to have made a claim the first time to put in a claim for the second grant
- After receiving the grant, you can continue to work, or start a new trade or take on other employment
- Employment could involve voluntary work or military reservist duties
- The grant does not need to be paid back, but is subject to income tax and self-employed National Insurance
- You can use the online service to see how the grant has been calculated
- The amount that you receive will be paid directly into your bank account, in one installment
How can Caroline Streatfield Bookkeeping help?
CSB is a bookkeeping company in East Sussex with offices at Archer House in Eastbourne and can help you with any questions you may have about self-employment grants. We can also advise on your tax implications and National Insurance. Call us on 07982 682746 or 01323 885205 or email info@bookkeepereastbourne.co.uk to find out more about the self-employment second grant from the government.
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