The Government have announced further support payment for the self employed.
The first one is for the period November 2020 to January 2021. This support can be claimed as before. You can claim this from 30/11/2020. This third claim period will end on the 31 January 2021.
The next support period, the fourth, will cover February to April 2021. Further detail on this will follow.
Who can claim?
Self-employed individuals or a member of a partnership.
How much can be claimed?
The third grant will be calculated as 80% of the average of the three months of trading profits, up to a maximum of £7,500. The level of the fourth grant is still under review.
Average trading profits are based on the 2016/17, 2017/18 and 2018/19 tax years. They will be calculated as before.
If you have been eligible to claim the first and second grants, you should be entitled to the third. If you have not yet claimed the first two you can claim the third.
Taxpayers must make their own claims and agents are not allowed to complete them on your behalf.
You must state that you are currently actively trading and have been impacted by coronavirus or were previously trading but you are temporarily unable to due to coronavirus.
The measures will be stricter than the earlier grants. So you should take care when completing the claim.
HMRC will perform the calculations as before and you will need to clarify your eligibility.
The grant is taxable and will be part of your income.
If you require any further detail, please contact the Spirare Team as you normally would.