Support for those who are self employed will be extended under the Government’s Self Employment Income Support Scheme from 40% of average trading profits to 55%.
The grant is being increased from the previously announced level of 40% of trading profits to 80% for November. This therefore increases the total level of the grant from 40% to 55% of trading profits for November to January.
In addition, this support has been brought forward from the 14th December to 30th November.
The extension will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three month period.
Following on from the previous first and second self-employment grants, this third grant will cover a three 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.
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.
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 grants (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
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