Self Employed Income Support Scheme Extended

Government announced a grant extension for self-employed individuals who have previously been eligible for the Self-Employment Income Support Scheme, although they do not have to have claimed the previous grants.

They must 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 extension will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period.

The first grant will cover a three-month period from the start of November until the end of January. HMRC will provide a taxable grant covering 55% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £5,160 in total.

Online claims will be available to make from 30 November.

The second grant will cover a three-month period from the start of February until the end of April. HMRC will review the level of the second grant and set this in due course.