30 November 2020 12:36
Self-employed workers across the UK will be able to apply from a third round of financial support from the government – and applications open today (Monday, November 30). The self-employment income support scheme (SEISS) has already given out two rounds of support to self-employed workers who have seen their income negatively impacted amid the coronavirus pandemic. In September Chancellor Rishi Sunak announced the scheme will be being expended to help self-employed workers survive the winter months. This time around, the grant will be worth up to £7,500. Here's how to find out if you're eligible, how to apply and how much you could get.
Although applications open on November 30 it will cover the period from the November 1, 2020 to the January 29, 2021. You can earn up to £7,500. It will be calculated at 80 per cent of three months' worth of average monthly trading profits, this will be capped at £2,500 per month. When calculating this HMRC will look at your tax returns from 2018/19, 2017/18 and 2016/17. Am I eligible? The criteria for the third self-employment grant are largely the same as the previous two but there is one key difference. This time around you will need to prove a "significant reduction" in trading profits, and it must have occurred over the tax year you report them in. This can be because of "reduced demand, activity or capacity" or you're temporarily unable to trade. If you can prove a significant reduction the previous criteria are as follows: You must intend to continue to trade. You must have filed a tax return for 2018/19. You must earn at least 50 per cent of your total income from self-employment. Your average trading profit must be less than £50,000/year. How do I apply? You can apply via the government website from today. Info you will need to make your claim: