Self Employed – have you claimed a grant through the
Self-Employment Income Support Scheme?
Self-Employment Income Support Scheme?
This scheme allowed the self-employed trader to claim a
first taxable grant, which closed on 13 July 2020.
first taxable grant, which closed on 13 July 2020.
The second and final taxable grant is worth 70% of
your average monthly trading profits, and will be paid out in a single
instalment covering 3 months’ worth of profits - capped at £6,570 in total.
your average monthly trading profits, and will be paid out in a single
instalment covering 3 months’ worth of profits - capped at £6,570 in total.
If you're self-employed or a member of a partnership and
have been adversely affected by coronavirus (COVID-19) use this scheme if
you're eligible to claim the grant.
have been adversely affected by coronavirus (COVID-19) use this scheme if
you're eligible to claim the grant.
Claims for the first grant are now closed, but the new
scheme is now open. If you’re eligible and your business has been adversely
affected on or after 14 July 2020, you need to make your claim for the second
grant on or before 19 October 2020.
scheme is now open. If you’re eligible and your business has been adversely
affected on or after 14 July 2020, you need to make your claim for the second
grant on or before 19 October 2020.
Who can claim?
You can make a claim for the grant, regardless of whether or
not you did not claim for the first grant, if your business has been adversely
affected on or after 14 July 2020. This is for self-employed traders and
you cannot claim a grant if you trade as a limited company (i.e. company
director drawing a salary) or operating a trade through a trust.
not you did not claim for the first grant, if your business has been adversely
affected on or after 14 July 2020. This is for self-employed traders and
you cannot claim a grant if you trade as a limited company (i.e. company
director drawing a salary) or operating a trade through a trust.
You will need to qualify under the eligibility criteria,
which means that your business has been adversely affected - your business has
experienced lower income or higher costs due to coronavirus.
which means that your business has been adversely affected - your business has
experienced lower income or higher costs due to coronavirus.
HMRC states that you should make an “honest assessment”
about whether your business has been adversely affected.
about whether your business has been adversely affected.
What you need
To apply you must have your:
·
Self Assessment Unique Taxpayer Reference (UTR)
which should appear on your tax letters or returns – if you do not have
this ask your accountant or follow this link - find out how to get your
lost UTR
Self Assessment Unique Taxpayer Reference (UTR)
which should appear on your tax letters or returns – if you do not have
this ask your accountant or follow this link - find out how to get your
lost UTR
When claiming for the Self-Employment Income Support Scheme
grant you should:
grant you should:
·
keep a record of how your business has been
adversely affected
keep a record of how your business has been
adversely affected
·
confirm to HMRC that your business has been
adversely affected by coronavirus
confirm to HMRC that your business has been
adversely affected by coronavirus
For instance, your business could be adversely affected by
coronavirus if you were unable to work because you:
coronavirus if you were unable to work because you:
·
are shielding or self-isolating
are shielding or self-isolating
·
are on sick leave because of coronavirus
are on sick leave because of coronavirus
·
have caring responsibilities because of
coronavirus
have caring responsibilities because of
coronavirus
·
have had to scale down, temporarily stop trading
or incurred additional costs because:
have had to scale down, temporarily stop trading
or incurred additional costs because:
·
your supply chain has been interrupted
your supply chain has been interrupted
·
you have fewer or no customers or clients
you have fewer or no customers or clients
·
your staff are unable to come in to work
your staff are unable to come in to work
·
one or more of your contracts have been
cancelled
one or more of your contracts have been
cancelled
Important
In order make a claim for the second and final grant
your business must have been affected on or after 14 July 2020.
your business must have been affected on or after 14 July 2020.
This scheme allowed the self-employed trader to claim a
first taxable grant, which closed on 13 July 2020.
first taxable grant, which closed on 13 July 2020.
The second and final taxable grant is worth 70% of
your average monthly trading profits, and will be paid out in a single
instalment covering 3 months’ worth of profits - capped at £6,570 in total.
your average monthly trading profits, and will be paid out in a single
instalment covering 3 months’ worth of profits - capped at £6,570 in total.
If you're self-employed or a member of a partnership and
have been adversely affected by coronavirus (COVID-19) use this scheme if
you're eligible to claim the grant.
have been adversely affected by coronavirus (COVID-19) use this scheme if
you're eligible to claim the grant.
Claims for the first grant are now closed, but the scheme is
now open. If you’re eligible and your business has been adversely affected on
or after 14 July 2020, you need to make your claim for the second grant on or
before 19 October 2020.
now open. If you’re eligible and your business has been adversely affected on
or after 14 July 2020, you need to make your claim for the second grant on or
before 19 October 2020.
Who can claim?
You can make a claim for the grant, regardless of whether or
not you did not claim for the first grant, if your business has been adversely
affected on or after 14 July 2020. This is for self-employed traders and
you cannot claim a grant if you trade as a limited company (i.e. company
director drawing a salary) or operating a trade through a trust.
not you did not claim for the first grant, if your business has been adversely
affected on or after 14 July 2020. This is for self-employed traders and
you cannot claim a grant if you trade as a limited company (i.e. company
director drawing a salary) or operating a trade through a trust.
You will need to qualify under the eligibility criteria,
which means that your business has been adversely affected - your business has
experienced lower income or higher costs due to coronavirus.
which means that your business has been adversely affected - your business has
experienced lower income or higher costs due to coronavirus.
HMRC states that you should make an “honest assessment”
about whether your business has been adversely affected.
about whether your business has been adversely affected.
What you need
To apply you must have your:
·
Self Assessment Unique Taxpayer Reference (UTR)
which should appear on your tax letters or returns – if you do not have
this ask your accountant or follow this link - find out how to get your
lost UTR
Self Assessment Unique Taxpayer Reference (UTR)
which should appear on your tax letters or returns – if you do not have
this ask your accountant or follow this link - find out how to get your
lost UTR
When claiming for the Self-Employment Income Support Scheme
grant you should:
grant you should:
·
keep a record of how your business has been
adversely affected
keep a record of how your business has been
adversely affected
·
confirm to HMRC that your business has been
adversely affected by coronavirus
confirm to HMRC that your business has been
adversely affected by coronavirus
For instance, your business could be adversely affected by
coronavirus if you were unable to work because you:
coronavirus if you were unable to work because you:
·
are shielding or self-isolating
are shielding or self-isolating
·
are on sick leave because of coronavirus
are on sick leave because of coronavirus
·
have caring responsibilities because of
coronavirus
have caring responsibilities because of
coronavirus
·
have had to scale down, temporarily stop trading
or incurred additional costs because:
have had to scale down, temporarily stop trading
or incurred additional costs because:
·
your supply chain has been interrupted
your supply chain has been interrupted
·
you have fewer or no customers or clients
you have fewer or no customers or clients
·
your staff are unable to come in to work
your staff are unable to come in to work
·
one or more of your contracts have been
cancelled
one or more of your contracts have been
cancelled
Important
In order make a claim for the second and final grant
your business must have been affected on or after 14 July 2020.
your business must have been affected on or after 14 July 2020.
Your trading profits must be no more than £50,000 and at
least equal to your non-trading income.
least equal to your non-trading income.
For further information see - https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme#check
The UK is officially in the worst recession in decades with
the economy shrinking by an unprecedented 20% April to June. Whilst some sectors
of the job market showing signs of recovery, this latest news with not help a
severely weakened economy.
the economy shrinking by an unprecedented 20% April to June. Whilst some sectors
of the job market showing signs of recovery, this latest news with not help a
severely weakened economy.
The numbers of unemployment benefits claimants rose sharply
from just over 1 million to 2.7 million in the first six months of this year.
from just over 1 million to 2.7 million in the first six months of this year.
1.
M&S to shed 7000 office and retail
jobs
M&S to shed 7000 office and retail
jobs
2.
John Lewis and Debenhams close stores
John Lewis and Debenhams close stores
3.
Debt collectors near top of job vacancy
list
Debt collectors near top of job vacancy
list
4.
Retail sales grew in July and GDP rose 8.7%
Retail sales grew in July and GDP rose 8.7%
5.
Third of UK employers plan further job
cuts
Third of UK employers plan further job
cuts
6.
UK economy shrinks by 20% April to June
2020
UK economy shrinks by 20% April to June
2020
7.
UK is officially in recession after
successive GDP falls
UK is officially in recession after
successive GDP falls
8.
One in three UK employers plan more
redundancies
One in three UK employers plan more
redundancies
9.
Redundancies soar fivefold despite
furlough scheme
Redundancies soar fivefold despite
furlough scheme
10. Unemployment
to double 7.5% and economy slump 9.5%
to double 7.5% and economy slump 9.5%
11. Half
as many jobs are being advertised compared to 2019
as many jobs are being advertised compared to 2019
12. Base
rate held at 0.1%, interest rates to stay low for 5 years
rate held at 0.1%, interest rates to stay low for 5 years
13. Lenders
not passing on rate cuts and mortgage rates going up!
not passing on rate cuts and mortgage rates going up!
14. The
end of furlough sees millions more unemployed this autumn
end of furlough sees millions more unemployed this autumn
15. UK
house prices reached a new all-time high in July as buyers return
house prices reached a new all-time high in July as buyers return
16. UK
property prices jumped by 3% since June following stamp duty cut
property prices jumped by 3% since June following stamp duty cut
19. You
can create a second income during the lockdown…and come out stronger
can create a second income during the lockdown…and come out stronger
Millions of people face a bleak future post-Coronavirus
lockdown, as businesses disappear and the job furlough scheme eventually comes
to an end. However, life doesn’t have to end because of lockdown! You can join
thousands of ordinary people who have increased their income and added
streams of new income during this period.
lockdown, as businesses disappear and the job furlough scheme eventually comes
to an end. However, life doesn’t have to end because of lockdown! You can join
thousands of ordinary people who have increased their income and added
streams of new income during this period.
Are you ready to adapt to the new economic model?
As lockdown restrictions around the world are being eased,
the economic model has subtly changed forever. How will you adapt to this new
way of working and running a business, what obstacles and opportunities lies
ahead? Will you be a participant or spectator in this revolution?
the economic model has subtly changed forever. How will you adapt to this new
way of working and running a business, what obstacles and opportunities lies
ahead? Will you be a participant or spectator in this revolution?
By Charles Kelly, Property Investor, Author of Yes, Money
Can Buy You Happiness and creator of Money Tips Podcast.
Can Buy You Happiness and creator of Money Tips Podcast.
There are more examples and practical
steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3
R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it
out on Amazon http://bit.ly/2MoneyBook.
steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3
R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it
out on Amazon http://bit.ly/2MoneyBook.
If you’d like further information on how to survive the
crisis and even quit the rat race, email me at Charles@CharlesKelly.net
or send me a message through Facebook or my Money Tips Daily community. See
more articles at www.moneytipsdaily.com
crisis and even quit the rat race, email me at Charles@CharlesKelly.net
or send me a message through Facebook or my Money Tips Daily community. See
more articles at www.moneytipsdaily.com
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