Self-employed people will be able to claim a coronavirus grant of up to £6570 from today.
The second round of the Self-Employment Support Scheme has opened for those adversely affected by coronavirus.
It is worth 70% of your average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6570 in total.
Here's all you need to know.
Receive newsletters with the latest news, sport and what's on updates from the Liverpool ECHO by signing up here.
Who can make a claim?
You can make a claim even if you did not make a claim for the first grant if your business has been adversely affected on or after 14 July 2020.
You must also meet all other eligibility criteria.
You should not claim the grant if you’re a limited company or operating a trade through a trust.
What does 'adversely affected' mean?
Adversely affected is typically when your business has experienced lower income or higher costs due to coronavirus.
Your business could be adversely affected by coronavirus if, for example:
You’re unable to work because you:
- are shielding
- are self-isolating
- are on sick leave because of coronavirus
- have caring responsibilities because of coronavirus
You’ve had to scale down, temporarily stop trading or incurred additional costs because:
Have you claimed help for the self employed before or had trouble doing so? Tell us how it went in the comments
How much you will get
You’ll get a taxable grant based on your average trading profit over the three tax years:
- 2016 to 2017
- 2017 to 2018
- 2018 to 2019
Keep up to date with coronavirus cases in your area by adding your postcode below
HMRC will work out your average trading profit by adding together your total trading profits or losses for the three tax years, then they will divide by three.
The second and final grant is worth 70% of your average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total.
The online service will tell you how HMRC worked your grant out.
How to claim
If you want to claim the second and final grant you must make your claim on or before October 19 2020.
You can start the process on the Gov website here.