Third Self Employed Grant From UK Government Closes On 29 January 2021

Last updated: 5.55pm, Wednesday 27th January 2021 by

Applications for the third self-employed grant to combat the effects on businesses of coronavirus ends on 29 January 2021.

There will undoubtedly be Thenue tenants who fall within the scope of this State help and are therefore entitled to claim it. This third grant covers the 3 month period from 1 November 2020 to 31 January 2021.

A fourth grant is planned covering the remainder of the financial year up to April – details of which are still to be announced.

Here’s what is on offer

• You can get as much as £7,500. This is made up of 80% of three months' worth of average monthly trading profits capped at £2,500/month. To calculate this, HM Revenue & Customs (HMRC) looks at your tax returns from 2018/19, 2017/18 and 2016/17.
• You must earn at least 50% of your total income from self-employment.
• Your average trading profit must be less than £50,000/year. This is essentially a 'cliff-edge' requirement – so those whose average annual trading profit is more than £50,000 (to be specific, £50,000.01 or above) won't be able to get any support from this scheme.

For the third Self-Employment Income Support Scheme grant you are expected to keep any evidence that your business has been hit by reduced demand or has been temporarily unable to trade. You must also genuinely and honestly claim that your business has been adversely affected.

Search online for self employed income support scheme to check if you can claim.