Income Support Scheme
This is a grant that is available to sole traders who have been registered since at least tax year 2018/19 tax year for self-employment and submitted tax returns with over 50% of their overall income from self employment.
This Grant eligibility is based on last 3 years average profits . First grant and second grants have already been paid out to eligible self employed individuals however if you didn’t apply you can still apply for the future grants as long as you qualify and your business has been affected by Coronavirus.
The third grant will cover the 3 month period November 2020 to January 2021.
If you have employees and are a sole trader please note the government has now extended the Job Retention Scheme to Self Employed Employees now up until March 2021
Grant will pay out 80% of the average trading profits capped at maximum of £7500
These grants are subject to tax and NIC contributions via your annual tax return submissions.
You can apply from 30th November 2020,
Government Link to apply
Please Note; Fourth grant will cover the period February to April 2021