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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Applications open for second SEISS grant

18 August 2020

Self-employed workers who have been financially affected by coronavirus can now apply for a second grant through the Self Employment Income Support Scheme.

Applications for the first SEISS grant closed on 13 July 2020. Self-employed workers can now make a claim for a second SEISS grant, even if they did not make a claim for the first grant.

This second and final taxable grant is worth 70% of average monthly trading profits, paid out in a single instalment covering three months' worth of profits. The grant is capped at £6,570. The first grant was based on 80% of trading profits and was capped at £7,500.

Applicants can continue to work while receiving the grant but they must be able to demonstrate that their business has been adversely affected by the pandemic on or after 14 July 2020. The final deadline for applying for this second grant is 19 October 2020.

Your business could be adversely affected by coronavirus if, for example:

  • You cannot work because you are shielding, self-isolating, on sick leave because of COVID-19 or you 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, your staff can't come in to work, one or more of your contracts have been cancelled or you have had to buy protective equipment to keep trading.

To make a claim, all of the following must apply:

  • You traded in the 2018/19 tax year and submitted your Self Assessment tax return on or before 23 April 2020 for that year;
  • You traded in the 2019/20 tax year;
  • You intend to continue trading in the 2020/21 tax year.

You cannot claim the grant if you trade through a limited company or a trust. Your trading profits must be no more than £50,000. If you're not eligible based on the 2018 to 2019 Self Assessment tax return, HMRC will look at the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019.

Written by Rachel Miller.

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