Applications open today (13 May 2020) for the Self-Employment Income Sport Scheme, the government’s grant for self-employed people who have been adversely affected by COVID-19.
You can claim a taxable grant of 80 per cent of your average monthly trading profits, paid out in a single instalment covering three months, and capped at £7,500. This is a temporary scheme, but it may be extended.
If you receive the grant, you can continue to work, start a new trade or take on other employment including voluntary work.
The grant does not need to be repaid but is subject to income tax and self-employed National Insurance.
HMRC will work out if you’re eligible and how much grant you may get. You can claim if you’re a self-employed individual or a member of a partnership and all the following apply:
You traded in the tax year 2018/2019 and submitted your self-assessment tax return on or before 23 April 2020 for that year
You traded in the tax year 2019/2020
You intend to continue to trade in the tax year 2020/2021
You carry on a trade which has been adversely affected by coronavirus.
Your business could be adversely affected by coronavirus if, for example: you’re unable to work because you are shielding, self-isolating, are on sick leave because of coronavirus, or have caring responsibilities because of coronavirus. Or you might have had to scale down or temporarily stop trading because your supply chain has been interrupted, you have fewer or no customers or clients, or your staff are unable to come in to work.
To work out your eligibility, HMRC will first look at your 2018/2019 self-assessment tax return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income.
If you’re not eligible based on the 2018/2019 figures, HMRC will look back at the previous two tax years.
Your tax agent or adviser cannot make the claim for you. You must make the claim yourself. You’ll need to provide your Self Assessment Unique Taxpayer Reference (UTR) number and your National Insurance number.
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