Extension to the Self Employment Support Scheme [latest Government guidance]

The Government has provided further information about the extension to the Self Employment Support Scheme. 

You can find the information here: https://www.gov.uk/government/publications/self-employment-income-support-scheme-grant-extension/self-employment-income-support-scheme-grant-extension

Key points are:-

  • The fourth grant will take into account 2019 to 2020 tax returns and will be open to those who became self-employed in tax year 2019 to 2020. The rest of the eligibility criteria remain unchanged.
  • The online claims service for the fourth grant will be available from late April 2021 until 31 May 2021.
  • The fourth grant will provide a taxable grant calculated at 80% of 3 months’ average trading profits. The fourth grant will be paid out in a single instalment and capped at £7,500 in total.
  • To be eligible for the fourth grant you must be a self-employed individual or a member of a partnership.
  • To work out your eligibility HMRC will first look at your 2019 to 2020 Self Assessment tax return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income.
  • You must also have traded in both tax years:
    • 2019 to 2020 and submitted your tax return by 2 March 2021
    • 2020 to 2021
  • You must either:
    • be currently trading but are impacted by reduced demand due to coronavirus
    • have been trading but are temporarily unable to do so due to coronavirus
  • You must also declare that:
    • you intend to continue to trade
    • you reasonably believe there will be a significant reduction in your trading profits due to reduced business activity, capacity, demand or inability to trade due to coronavirus

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