The government has announced that the Self-Employment Income Support Scheme (SEISS) is being extended and that the closing date for making a claim for the first grant under the scheme must be made on or before 13 July 2020.
As we wrote about in a previous article, if you are self-employed or a member of a trading partnership and have been adversely affected by Covid-19, you may be able to claim a grant under the SEISS scheme.
If you are eligible, (which you can find out here), the scheme allows you to claim a taxable grant of 80% of your average monthly trading profits. This will be paid out in a single instalment covering three months and will be capped at £7,500.
You must make your claim for the first grant on or before 13 July 2020.
The government is extending the scheme until 19 October 2020. If you’re eligible for the second and final grant and your business has been adversely affected on or after 14 July 2020, you’ll be able to make a claim from 17 August 2020. You can claim the second grant if you’re eligible, even if you did not make a claim for the first grant.
The online service to make a claim for the second grant will be available from 17 August 2020. Eligibility will be worked out the same way as the first grant. If you make a claim for the second grant, please note that you will have to confirm your business has been adversely affected on or after 14 July 2020.
This grant will be a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering three months’ worth of profits. The second grant will be capped at £6,570 in total.
You can claim for the second and final grant even if you did not make a claim for the first grant.
If you would like to discuss applying for a grant under the Self-Employment Income Support Scheme (SEISS), please call us on 020 7625 4545.
For all latest Coronavirus (Covid-19) updates, please visit our dedicated support page here.
Warning: The above is merely general guidance and should not be relied upon as formal advice. The advice we give to each client will depend on their specific circumstances. We suggest you take professional advice before taking any action in relation to the issues discussed above.