Self-Employment Income Support Scheme
Daily updates and publications continue to be provided by the UK Government as lockdown restrictions are gradually eased. Updates have been announced for the Self-Employment Income Support Scheme and the Local Authority Discretionary Grants Fund.
Useful links to UK Government guidance and our previous updates can be found at the end of this article.
Self-Employment Income Support Scheme
The UK Government has announced an extension to the scheme. There will be a second (and final) claim period for the Self-Employment Income Support Scheme.
The initial claim under this scheme allows self-employed individuals to claim a taxable grant worth 80% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total. IMPORTANT – claims under this scheme must be made on or before 13 July. Those individuals who H M Revenue and Customs believe qualify for the scheme have already been contacted however if you have not yet made a claim and are unsure if you are eligible to make a claim you can check online here.
The second (and final) claim will be launched in August 2020. The grant will be a taxable grant worth 70% of average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits, and capped at £6,570 in total. The eligibility criteria for this claim is identical to the first claim.
UK Government guidance on the Self-Employment Income Support Schemecan be found here.
The Chancellor’s press release on the extension to the Self-Employment Income Support Schemecan be found here.
Local Authority Discretionary Grants Fund
UK Government has previously announced the Local Authority Discretionary Grants Fund.
This fund was launched to provide funding to those businesses that run a business premises but are not subject to business rates and so are not eligible for other grants available. As the name of the fund suggests, the grants to be paid to businesses are at the discretion of local authorities and we have been waiting on details of the grants to be announced by local authorities. UK Government have asked local authorities to prioritise businesses such as small businesses in shared office space, regular market traders, bed and breakfasts paying council tax and charity properties getting charitable business rates relief.
Kettering Borough Council and Corby Borough Council launch their schemes today (1 June 2020). IMPORTANT – applications for grants from Kettering Borough Council must be made on or before 14 June. Corby Borough Council have not publicised an end date to the claim. We are advising all businesses with fixed property costs that have not received any other property relating funding to apply for these grants from their Local Authority as soon as possible.
Kettering Borough Council new release on the Local Authority Discretionary Grants Fund can be found here.
Kettering Borough Council guidance on the Local Authority Discretionary Grants Fund can be found here.
Applications for the Kettering Borough Council Local Authority Discretionary Grants Fund can be made here.
Corby Borough Council guidance on the Local Authority Discretionary Grants Fund can be found here.
Applications for the Corby Borough Council Local Authority Discretionary Grants Fund can be made here.
Businesses not in the Kettering or Corby area should refer to their Local Authority website. You can find the website by entering your business postcode here.
Links
Our previous updates can be found on Facebook and LinkedIn or on our website blog.
A UK Government business support website can be found here. It contains guidance on all Coronavirus financial measures and business advice.
A UK Government general COVID-19 support website can be found here. It contains guidance on all matters pertaining to the Coronavirus.
