WHAT PERIOD DOES IT COVER?
The extension will last for 6 months, from November 2020 to April 2021. Grants will be paid in 2 lump sum instalments each covering a 3 month period.
The third grant will cover a 3 month period from 1 November 2020 until 31 January 2021.
The Government has already announced that there will be a fourth grant covering February 2021 to April 2021. The Government will set out further details, including the level, of the fourth grant in due course.
HOW MUCH WILL I GET?
The third grant will cover a 3 month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total. This is an increase from the previously announced amount of 55%.
The grants are taxable income and also subject to National Insurance contributions.
WHO CAN CLAIM?
To be eligible for the grant extension self-employed individuals, including members of partnerships, must:
- have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)
- declare that they intend to continue to trade and either:
- are currently actively trading but are impacted by reduced demand due to coronavirus
- were previously trading but are temporarily unable to do so due to coronavirus
HOW DO I CLAIM?
You need to apply through the official government portal. Applications for the third grant have been brought forward to 30th November – originally set to open on the 14th December.
You will need the following information:
- Self-Assessment Unique Taxpayer Reference (UTR)
- National Insurance Number
- Government Gateway User ID and Password (If you do not have a user ID, you can create one when you make your claim)
- UK Bank Details