Claim your second self-employed support grant now
Tuesday 25 August, 2020
Vishal Gulrajani Financial Planner in North London, Cheshunt and Goff’s Oak reviews the new financial package introduced to support self-employed workers, as applications for the second self-employment income support scheme grant opened on 17th August 2020.
Last week, HMRC also reported that its support for UK businesses and individuals had been extended with 83,000 businesses signed up for the “Eat Out to Help Out” scheme and 11 million meals discounted in the first week.
Self-employment Income Support Scheme
- Applications for the second grant now open
- You can make a claim for the (second and final) grant if you’re eligible, even if you did not make a claim for the first grant
- It is based on your business being adversely affected on or after 14 July 2020
- You must make your claim for the second grant on or before 19 October 2020
- You claim through your Government Gateway in the same way as the first grant - https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference, and you will require the following:
- Self Assessment Unique Taxpayer Reference (UTR)
- 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
Update on the Coronavirus Job Retention Scheme
- From 1 August 2020, the level of the Coronavirus Job Retention Scheme grant was reduced and gradually reduces each month until the end of October when the Scheme is scheduled to end.
- Regardless of the amount the employer can claim back, employees are still entitled to a minimum 80% of their wages, up to a cap of £2,500 per month for the time they are being furloughed.
- From 1 August, no grant was available for Class 1 employer National Insurance contributions or pension contributions, although these contributions remain payable by the employer.
- From 1 September, the government grant towards the employee wages will be reduced to 70%.
- From 1 October, the government grant will be reduced again to 60%.
Vishal Gulrajani Financial Planner in North London, Hertfordshire and Essex said: ‘In a BBC news article HMRC confirmed that they were pleased with the excellent take up for the self-employed support grant scheme which opened on the 17th August. As by early on Monday 39,000 self-employed people had successfully made claims. HMRC confirmed that more than 3 million maybe able to claim the payment up to £6,570 each. Initially the claims window is only open for a four-day period but if anyone thinks they are eligible and hasn’t been called by HMRC they have until 19th October 2020 to make a claim. HMRC are trying to contact everyone they think is eligible to make a claim but if you think it applies to you, go to their online system and it will tell you if you can make a claim. Remember if you are self-employed and you require more information about how the second self-employment grant and other financial measures will affect you please contact one of our Thomas Oliver financial advisers who work with clients in North London, central London, Essex and Hertfordshire on 01707 872000. If you require more information about the initial self-employment grant read – Government introduce a financial package to support the self-employed.’