The conditions for the Third Self-Employed Grant have toughened. The virtual claim doors open from 30-Nov-20.
The impact of COVID 19 on your business and your trading profits is key.
Unfortunately, the guidance is not expressed in terms of awful, crap, rubbish or fine. In this podcast, I share with you what HMRC mean by reduced demand & trading conditions. Crap, average or fine feels like better words.
There's a new language that's been introduced. Consequently, we look at coronavirus affecting demand causing a significant drop in your trading profits.
Self employment grant
Firstly, the grant looks at your applies self-employed business between the 1st of November and the 29th of January 2021.
Secondly, the portal opens for making claims. On the 30th of November 2020. And you've got until the 29th of January 2021. When should you claim? As soon as, or is best to wait?
Listen to find out more
Heads up, doing a cash flow is important, link to previous podcasts and resources to help
Some haven't changed for the Third Self Employed Grant. For example
- Being self-employed in 2018-19
- Traded in the tax years 2018-19 and 2019-20
- Profit levels
- Basically, meeting the conditions for the first two grants
Listen to find out more
Terms and language
Some key terms and key adjectives HMRC have introduced honest belief, significant reduction, in your trading profits, due to coronavirus. And by demand, we can take that to be the level of sales – the number of customers that you have. So, coronavirus has got to be linked to less trade coming through the door, whether that's virtually or otherwise.
- What is meant by self-employed
- HMRC expectation for your behaviour and attitudes when making your claims.
- Intend to continue to trade, and
- ‘Reasonably believe'
- Significant reduction in your trading profits due to Coronavirus.
- Honest assessment
- Self-employed – it’s not what we mean in normal conversation
I'll share some practical examples and dig deeper to explain and see what is meant by all this official speak. Lots shared in this podcast episode of the exiting and changed eligibility conditions. For instance self-employed, demand, honest belief, significant reduction, trading profits. Also, I share tips on evidence to support your claim – just in case HMRC ever come knocking!
What does this mean, listen to find out more?
In short, the third self-employed grant has tougher conditions. Above all don’t be put by applying because you think you may not be eligible. If you’re eligible, make the claim, that will be a vital bit of cash. Make yourself comfortable. Sit back and listen
Even better subscribe so you do not miss an episode.
In this episode
- Understanding the key conditions when making a claim for the Self Employed Grant
- Appreciating the language and keywords used in the Self Employed Grant conditions
- Hearing examples and explanations
- Developing your own Numbers confidence and decisions
- Take more control of your numbers to help make you money, survive and thrive