Posted: December 1, 2020
The third grant under the Self-Employed Income Support Scheme can now be claimed (from 30th November).
In order to qualify you must be a self-employed individual or a member of a partnership.
You must have traded in both tax years:
- 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
- 2019 to 2020
You must either:
- be currently trading but are impacted by reduced demand due to coronavirus
- have been trading but are temporarily unable to do so due to coronavirus
You must also declare that:
- you intend to continue to trade
- you reasonably believe there will be a significant reduction in your trading profits due to coronavirus during the period 1 November to 29 January 2021
You must keep evidence that shows how your business has been impacted by coronavirus resulting in less business activity than otherwise expected.
Please see our below news item from July, confirming the sort of evidence required:
Burgess Hodgson is contacting clients who potentially qualify due to the level of profits in 2018/19 and earlier years.
The link to make a claim is: https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme#how-to-claim
Finally, those claiming should remember that the grant is taxable and will need to be included in their business accounting records for the 2020/21 tax year.
Please contact your usual tax advisor if you have any questions or email firstname.lastname@example.org