Self Employed – have you claimed a grant through the Self-Employment Income Support Scheme?

This scheme allowed the self-employed trader to claim a 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.

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.

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.

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.

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.

HMRC states that you should make an “honest assessment” 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

When claiming for the Self-Employment Income Support Scheme grant you should:

·       keep a record of how your business has been adversely affected

·       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:

·       are shielding or self-isolating

·       are on sick leave because of coronavirus

·       have caring responsibilities because of coronavirus

·       have had to scale down, temporarily stop trading or incurred additional costs because:

·       your supply chain has been interrupted

·       you have fewer or no customers or clients

·       your staff are unable to come in to work

·       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.

This scheme allowed the self-employed trader to claim a 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.

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.

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.

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.

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.

HMRC states that you should make an “honest assessment” 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

When claiming for the Self-Employment Income Support Scheme grant you should:

·       keep a record of how your business has been adversely affected

·       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:

·       are shielding or self-isolating

·       are on sick leave because of coronavirus

·       have caring responsibilities because of coronavirus

·       have had to scale down, temporarily stop trading or incurred additional costs because:

·       your supply chain has been interrupted

·       you have fewer or no customers or clients

·       your staff are unable to come in to work

·       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 trading profits must be no more than ￡50,000 and at 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 numbers of unemployment benefits claimants rose sharply from just over 1 million to 2.7 million in the first six months of this year.

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

1.     M&S to shed 7000 office and retail jobs

2.     John Lewis and Debenhams close stores

3.     Debt collectors near top of job vacancy list

4.     Retail sales grew in July and GDP rose 8.7%

5.     Third of UK employers plan further job cuts

6.     UK economy shrinks by 20% April to June 2020

7.     UK is officially in recession after successive GDP falls

8.     One in three UK employers plan more redundancies

9.     Redundancies soar fivefold despite furlough scheme

10. Unemployment to double 7.5% and economy slump 9.5%

11. Half as many jobs are being advertised compared to 2019

12. Base 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!

14. The end of furlough sees millions more unemployed this autumn

15. UK 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

17. Why UK Property prices rising after stamp duty cut, despite the downturn?

18. New planning rules will open up more opportunities to make money in property

19. You can create a second income during the lockdown…and come out stronger

20. Learn how to make money from property without deposits, mortgages or cash

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.

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?

By Charles Kelly, Property Investor, Author of Yes, Money 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 https://bit.ly/2MoneyBook.

If you’d like further information on how to survive the crisis and even quit the rat race, email me at [email protected] or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com