Help for self-employed people
Self-Employment Income Support Scheme - Grant Extension
The Self-Employment Income Support Scheme - Grant Extension provides support to the self-employed in the form of two grants, each available for three-month periods covering 1 November 2020 to 31 January 2021 and February 2021 to April 2021. The Scheme is increasing funding from 40% to 80% of average trading profits in November 2020.
The first grant will cover a three-month period from 1 November 2020 until 31 January 2021. The Government 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.
The second grant will cover a three-month period from 1 February 2021 until 30 April 2021. The Government will review the level of the second grant and set this in due course.
The grants are taxable income and subject to National Insurance contributions.
The online service for the next grant will be available from 30 November 2020. HMRC will provide full details about claiming and applications in guidance on GOV.UK.
For further details on what the grant extension covers, eligibility, claiming and applications see the gov.uk website [external link]