Happy Fri-yay!
We’ve almost made to the weekend everyone – well done!
Just one update today as a result of a few questions we’ve
had about the Self Employed Income Protection Scheme.
Some of you have held off applying for the second grant because
you’re not sure what the words ‘adversely affected’ mean… remember you can only
claim the grant if your business has been ‘adversely affected’ but Coronavirus.
Unfortunately I can’t tell you if you class as having been adversely
affected but HMRC has published guidance on what it means.
Here is what the gov.uk website has to say about it:
Your business could be adversely affected by coronavirus if,
for example:
you’re unable to work because you:
- · are shielding
- · are self-isolating
- · are on sick leave because of coronavirus
- · have caring responsibilities because of coronavirus
you’ve had to scale down, temporarily stop trading or
incurred additional costs because:
- · your supply chain has been interrupted
- · you have fewer or no customers or clients
- · your staff are unable to come in to work
- · one or more of your contracts have been cancelled
- · you had to buy protective equipment so you could trade following social distancing rules
The website also goes on to say:
If your business recovers after you’ve claimed, your
eligibility will not be affected.
There are some examples on the gov.uk site too.
So, please do remember the grant isn’t only for you if your
business had to stop completely (and actually one of the eligibility criteria
is that you intend to continue to trade in 2020 to 2021), it’s also for you if
your costs have gone up or your income has gone down – even if you continued to
trade.
You can read more about eligibility on gov.uk here:
And there’s a useful step by step guide to making a claim on
the TaxAssist Accountants website here:
That’s it for today…
See you on the other side – well, Monday (or Tuesday if you
get the Bank Holiday) and if you have the weekend off please do have a good
one.
Speak soon.
Rowena
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