If you were unable to apply for the current Self-Employed Support Scheme, the Minister for the Economy has announced a support scheme for those have recently become self-employed (sole traders and those in partnerships) who have been adversely impacted by Covid-19. The NSESS has been administered by Invest Northern Ireland on behalf of the Department for the Economy.
Who is eligible?
- Sole traders or individual members of partnership operating in Northern Ireland.
You must provide evidence of the following criteria:
- Commencement of trading must have been between 6th April 2019 and 5th April 2020.
- You must have been trading at 1st March 2020.
- You must have been unable to trade or trading at reduced demand due to Covid-19.
- Over 50% of your income in 19/20 tax year was from self-employment.
- You must provide a P45 from previous employer if you moved from PAYE to self-employment during 19/20 tax tear, you do not need to consider paid employment when calculating this percentage.
- 19/20 tax year trading profits were less than £50,000. This will refer to your share of trading profits in a partnership.
- You have experienced at least a 40% decline in trading profits between 1st March and 30th November 2020.
- You intend to continue to trade as self-employed.
- You must provide your 10-digit Unique Taxpayer Reference and HMRC VAT Registration Number, if you are VAT Registered.
Who cannot apply?
- You submitted a 18/19 tax return which included income from self-employment.
- You received support from the Self-Employment Income Support Scheme.
- Your business has failed to comply with a Covid-19 prohibition noticed served by the PSNI.
How to apply?
To check eligibility and apply, please follow link below:
https://www.investni.com/newly-self-employed-support-scheme
NSESS will close to applicants on Friday 5th February 2021 at 6pm.
If you need advice just email the Ross Boyd Chartered Accountants team on info@rossboyd.co.uk or call us on 02895 320155.