What you need to know about the newly-released government grants
PUBLISHED: 16:54 17 August 2020 | UPDATED: 16:54 17 August 2020
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Self-employed people in Norfolk whose income has been affected due to coronavirus can now claim further financial aid as applications open for the second round of grants.
The grant will cover the three months to the middle of October, and is the final time the government has said it will support the self-employed with a cheque.
People can claim 70pc of their usual income under the Self-Employment Income Support Scheme (SEISS), up to a maximum of £6,570 for the three months.
So far around £7.8bn has been paid out to support about 2.7m self-employed people who sent claims to the authorities for help.
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• Who can apply?
You can claim a grant if you’re a self-employed individual or a member of a partnership whose business has been adversely affected due to coronavirus.
To make a claim the business in question must have been affected on or after 14 July 2020.
You must also have traded in the tax year 2018 to 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, and you intend to continue to trade in the tax year 2020 to 2021.
You cannot claim the grant if you trade through a limited company or a trust.
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• What counts as adversely impacted?
You’re unable to work because you are shielding, self-isolating, on sick leave because of the virus or have care responsibilities because of the virus.
Also because you have had to scale down, temporarily stop trading or incurred additional costs.
• How much will you get?
You’ll get a taxable grant based on your average trading profit over the three tax years from 2016 to 2019.
The government will work out your average trading profit by adding together your total trading profits or losses for the three tax years, then it will be divided by three.
The second and final grant is worth 70pc of your average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total.
The online service will tell you how the government worked your grant out.
The grant amount will be paid directly into your bank account, in one instalment.
• How do you apply?
Make your claim on or before October 19 2020 here. You should contact HMRC if you receive any suspicious texts, calls or emails claiming to be from HMRC as this may be a scam.
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