TWO MORE SELF EMPLOYED SUPPORT GRANTS

Wednesday, 11 November 2020 12:59 Last Updated on Wednesday, 11 November 2020 12:59 Written by admin

The guidance has now been published in relation to the recently announced additional 2 self employed support grants.

The next grant will cover a 3 month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total. This is an increase from the previously announced amount of 55%.

The Government has already announced that there will be a fourth grant covering February 2021 to April 2021. The Government will set out further details, including the level, of the fourth grant in due course.

The grants are taxable income and also subject to National Insurance contributions.

The online service for the next grant will be available from 30 November 2020.

Here is a link to the relevant HMRC page:

https://www.gov.uk/government/publications/self-employment-income-support-scheme-grant-extension/self-employment-income-support-scheme-grant-extension

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