What continued support can you expect from the government?
Chancellor Rishi Sunak announced last Friday that the Self Employment Income Support Scheme will be extended. This is what we know so far:
• If you haven’t already done so, you have until 13th July to apply for the first grant worth 80% of you average monthly trading profits for 3 months (capped at £7,500)
• Applications for a second grant will open in August.
• You will be able to claim a second taxable grant worth 70% of their average monthly trading profits, paid out in single instalment covering 3 months and capped at £6,570.
• You will have to confirm that your business has been adversely affected by coronavirus.
• You don’t need to have claimed the first grant to receive the second one.
Detailed guidance will be published on Friday 12 June. In the meantime, you can also check https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme for updates.