Extended into 2021: Self-Employed Income Support
The Government has extended the Self-Employment Income Support Scheme into 2021.
If you’re self-employed, you’ll already know about this Scheme – and you might have already claimed for a grant. The extension to the Scheme means you can claim for two more grants to cover:
- November 2020 to January 2021
- February 2021 to April 2021
The Government states that this support is, “broadly the same level as is being provided for employees through the Job Support scheme”.
Are you eligible for the extra Self-Employed Income Support grants?
- be self-employed
As an individual or member of a partnership.
- have been previously eligible for the first and second Self-Employment Income Support Scheme grant
You just need to have been eligible – you don’t need to have claimed the previous grants.
- declare that you intend to continue to trade
a) you’re currently trading but your business has been negatively affected by reduced demand due to coronavirus
b) you were previously trading but you temporarily can’t due to coronavirus
How much can you claim?
For November and December 2020, and January 2021, grants will be:
- worth 40% of your average monthly trading profits
- capped at £3,750 total
- paid as one payment, to cover the three months
For February, March and April 2021. the grant will be paid as one lump sum but the Government hasn’t yet announced how much you’ll be able to claim.
Do you have to pay tax on the grants?
Grants from this Scheme count as taxable income so if your personal income is over your individual threshold, you’ll have to pay tax. You might also be liable for National Insurance contributions.
How do you claim these extra Self-Employed Income Support grants?
The Government hasn’t yet published details of how to claim. When we have more information, we’ll update this post.
Have your say
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Photo by Jallen Fosati on Unsplash