Are you eligible for the third self-employment grant and have not yet claimed this yet? Do not miss the deadline to claim of 29th January 2021!
The third grant covers November 2020 – January 2021 and is open for applicants but has a stricter criteria to the previous two grants.
Can you claim for the grant?
You must have traded in both tax years:
- 2018-19 (and submitted your Self-Assessment tax return on or before 23 April 2020)
You must either:
- Be currently trading but are impacted by reduced demand due to Coronavirus.
- Have fewer clients or customers than you would normally expect.
- Have one or more contracts that have been cancelled and not replaced.
- Carried out less work due to supply chain disruptions.
You must NOT claim if the only impact on your business has been increased costs for PPE etc.
- Have been trading but are temporarily unable to do so due to Coronavirus.
- Your business has had to close due to government restrictions.
- You have been instructed to shield or self-isolate.
- You have tested positive for coronavirus and you are unable to work.
- You cannot work due to caring responsibilities (e.g., school closures).
You must also declare that:
- You intend to continue to trade.
- You reasonably believe there will be a significant reduction in your trading profits.
How much will you receive for the grant?
The taxable grant is worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits which is capped at £7,500.00.
How to claim?
You can claim for the third self-employment grant using the online government service, you will need a government gateway account to do so. Please click here to visit the online service. After you have claimed, for your records, you must keep a copy of the amount claimed and the reference.
If you would like more detail about the claim, visit the HMRC website.
If you have a business and you have been forced to close due to government restrictions, you may be eligible for further grants from the government. Click here for more information.