Don’t miss out on the second stage of the government coronavirus support scheme for the self-employed.
Many self-employed business owners in the hairdressing, beauty, holistic and health & fitness sectors will have jumped on the HMRC website first thing on Monday to apply for their second (and final) grant.
If your business has been affected by coronavirus and you’re not sure about applying, here’s a quick guide. It’s simple to apply and this is your last chance – applications must be made on or before the 19th October 2020.
Who can apply?
You are eligible to apply for a grant if you are self employed or in a partnership and your business has been adversely affected by the Covid-19 crisis on or after the 14th July 2020.
In order to make a claim, you must all meet all of the following criteria:
- You traded in the tax year 2018 and 2019 and submitted your self assessment tax return on or before 23 April 2020 for that year.
- You traded in the tax year 2019 to 2020
- You intend to continue trading in the tax year 2020 to 2021
Who can’t apply?
You cannot claim if:
- You are a limited company
- Your trading profits are more than £50,000 per year
How much can I get?
The grant will be worth 70% of your average monthly profits paid out in a single instalment that covers 3 months’ worth of profit and this is capped at £6,570. HMRC will calculate this from your previous self assessment tax returns.
How do I apply?
HMRC will contact all potentially eligible customers to invite them to apply but be careful if you receive any suspicious text messages, phone calls or emails as they may be from scammers. Contact HMRC if you are suspicious.
If you don’t hear from HMRC but you think you can claim, you can check if you’re eligible.
When you’ve got the necessary details together, you can start your application online.
What information do I need to apply?
You apply via your government gateway sign in and you will need to have the following information to hand:
- Self Assessment Unique Taxpayer Reference (UTR) – if you do not have this, find out how to get your lost UTR
- National Insurance number – if you do not have this, find out how to get your lost National Insurance number
- Government Gateway user ID and password – if you do not have a user ID, you can create one when you make your claim
- UK bank details (only provide bank account details where a BACS payment can be accepted) including:
- Bank account number
- Sort code
- Name on the account
- Your address linked to your bank account
If you are currently claiming maternity allowance you can still apply as this does not affect your eligibility for the grant.
You should apply yourself using your government gateway login. (If your accountant or advisor applies on your behalf, it may trigger a fraud alert and delay your application).