Self-Employed Income Support Grants
The portal is now open for claiming the second and final self-employed income support scheme grant.
You can claim this grant even if you did not claim the first, but you do need to fulfil the other eligibility criteria
- Business effected by Coronavirus on or after 14th July 2020
- Reported self-employed income on 2019, 2020 and 2021 personal tax returns
- Turnover under £50,000
- Self-employment is your main source of income
You do not need to have stopped or paused work to claim.
Worth up to 70% of 3 months average taxable income, up to £6,750
Agents cannot claim this grant for you, but HMRC will be advising those who may be eligible.
You can check your eligibility by visiting https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme#eligible
Local Authority Grants
Many local authorities still have funds to pay out as discretionary grants, to those small businesses effected by coronavirus but not eligible for business rates grants.
Applications need to be made with evidence of property costs and lost income
If you know anyone who needs help with this, then we are very willing to help.
These grants are independent of self-employment grants and Job retention scheme grants.
All grants are taxable income
Coronavirus Business Interruption Loan Scheme (CBILS)
The government have extended the availability of CIBLS. Specifically, there are more authorised lenders and the scheme is now open for applications until end of September, with 2 further months available for processing etc and approval.
These loans of up to £5 million for up to 6 years, are available to small businesses.
The government guarantees 80%, and will pay first year’s interest
Lenders may require cash flow forecasts, business plans or management accounts etc. which we are very happy to help prepare.
We are now into flexi-furlough, where someone furloughed before the end of June, can now be part furloughed and work part time. Complicated to calculate but there are still cash grants available from the government.
80% of usual wages must be paid to those staff on furlough.
Employers may then claim under the coronavirus job retention scheme
- Claims for July can still be made for the full 80% cost including associated pension contributions and national insurance.
- August claims should go in after pay period ends and can be for full 80% wages paid but not national insurance or pension contributions.
- Claims available for September are reduced to 70% wages, the other 10% being funded by employers.
- Last monthly claim will be for October at 60% of wages for those on furlough
- If furloughed employees are still employed, at over £520pm for the period Number to January then employers may claim a bonus of £1,000 for each such employee in February
Usual holiday pay and accrual rules apply during furlough.
Coronavirus Statutory Sick Pay Rebate Scheme
If someone is off sick, due to Coronavirus, then there are special rules. If sick leave is not coronavirus related then usual sick pay rules apply.
- Employees who are self-isolating may be eligible for sick pay – check the rules as they keep changing.
- Sick pay is payable from day 1.
- The government will fund up to 2 weeks sick pay per employee
HMRC Fraud checking
HMRC are now checking for fraudulent grant claims. They have also introduced an error correction facility for those who wish to repay claims made in error.