HMRC have released a policy paper on the 5th Self Employment Income Support Grant, for businesses who have lost turnover due to Coronavirus.
The paper sets out eligibility, dates and amounts.
Eligibility:
– currently trading, or temporarily unable to do so due to Coronavirus
– Must have traded in 2019-2020 and submitted Self Assessment on or before 2 March 2021
– trading profits no more than £50,000 and the majority of your income
Grant Amount:
– based on reduction in turnover April 2020 to April 2021
– further guidance on this test to come
– if turnover reduction 30% or more, the grant is 80% of 3 months average trading profits to a maximum of £7.500
– if turnover reduction less than 30% then grant is 30% of 3 months average trading profits to a maximum of £2.850
Claims open late July 2021