Did you know about the government grant which helps the self-employed who are facing financial difficulties as a result of the coronavirus outbreak?
If you are a self-employed nursery owner, you could be able to claim 80% of your monthly earnings - up to a maximum of £2,500 a month!
This is not a ‘business loan’ – the grant does not need to be repaid! However, it will be subject to Income Tax and self-employed National Insurance.
Here at Parenta, we have spoken to hundreds of nursery owners and made them aware of this grant since the announcement was made – many of them have been eligible.
You can find out straight away here, if you qualify.
The government is also offering self-employed workers a second grant – applications for which open in August.
The important facts:
- If you are self-employed and you haven’t applied for the original grant (up to 80% of your average monthly trading profits) you can still do so, until 13th July.
- However, you do not have to have claimed the first grant to be eligible for the second. Applications for the second grant open in August.
The eligibility criteria are the same for both the first and second grants:
you must confirm that your business has been adversely affected by coronavirus.
What’s important to know, is that those whose businesses were not initially impacted by the virus and therefore could not apply for the original grant - but are now adversely affected - now have the option to apply for the second grant.
How the grant works
HMRC will work out if you’re eligible and how much grant you may get. You can follow these steps to help you understand how they do this and what you can do now to see if you qualify and how much money you could be eligible for:
- Find out who can claim.
- Check if you’re eligible.
- Find out how HMRC works out your grant.
- Make your claim.
- Find out when you’ll get the money paid into your bank and how to record the grant.
Further guidance is expected from the government this month.