Third Grant for Qualifying Self-Employed People - An Update
Last updated: 4.38pm, Monday 16th November 2020
The UK Government has announced a further increase to its help for self employed people who qualify for its Self Employed Income Support Scheme. The Chancellor has revealed that he will raise the amount the 3rd grant will offer. This cash sum will now be increased to 80 per cent of profits and the maximum paid will be £7500. Two grants have already been paid to the self-employed in recent months and a fourth grant will be paid in the spring of next year. The amount for the 4th grant is still to be set by the Government.
Who can claim for the 3rd grant?
To be eligible, 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
The 3rd grant will cover a three-month period from 1 November 2020 until 31 January 2021. The 4th grant will also cover a three-month period from 1 February 2021 until 30 April 2021. The grants are taxable income and also subject to National Insurance liability.
How to claim
The 3rd grant can be claimed online from 30 November 2020
https://www.gov.uk/government/publications/self-employment-income-support-scheme-grant-extension/self-employment-income-support-scheme-grant-extension