Information on Help From the UK Government for the Self Employed
Last updated: 10.11am, Friday 5th June 2020
The UK Government has announced that it will offer a second grant to qualifying self employed people whose businesses have been adversely affected by the pandemic. This will be paid in August.
This is in addition to the first grant of up to £7500 which is currently being paid.
There will undoubtedly be a number of Thenue tenants who are self employed and who need to be aware that this money is available from the State to combat the effects of the ongoing health emergency.
One tenant who runs a small business has been given assistance by ourselves after it had to close its doors to customers.
Thenue staff were able to provide advice on how to go about obtaining State help prompting the business owner to tell us: “Thenue have been so understanding of the situation with Covid 19. I have finally received confirmation of my business grant payment. Hip hip hooray! Many thanks for all your help.”
A separate scheme for employed people with requirements for employers was also announced last week by the Chancellor of the Exchequer.
Even if you applied for the first Self Employed Income Support Scheme you can also apply for the second.
IF YOU HAVE NOT DONE SO, YOU MUST MAKE YOUR CLAIM FOR THE FIRST GRANT NO LATER THAN JULY 13.
If you’re eligible the second and final grant will be a grant worth 70% of your average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits and capped at £6570 in total. Applications will open in August.
Both grants are taxable and liable to self employed national insurance. Both are a grant - not a loan and do not need to be repaid.
To work out your eligibility HMRC will first look at your 2018 to 2019 Self Assessment tax return. Your trading profits must be no more than £50,000. Any business with profits more than this will receive nothing.
If you’re not eligible based on the 2018 to 2019 Self Assessment tax return, HMRC will then look at the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019.
When more details of the second grant become available Thenue will update our tenants on our social media channels.
Remember, too, that self employed people are now also able to claim Universal Credit.
You can make a claim for Universal Credit while you wait for the grant. The grant may affect the amount of Universal Credit you get.