COVID-19 – Self-Employment Income Support Scheme – Is This For You?

Information about the Self-Employment Income Support Scheme (SEISS) has been released over six months and so has become fragmented.

We always want to make things simple for our clients so we have drawn all the information together.

The SEISS grants are available to self-employed individuals whose business has been adversely affected by coronavirus on or after 14 July 2020 and who meet the eligibility criteria. The grant is available to self-employed individuals (sole traders or partners) who were self-employed in the 2018/2019 tax year and who had submitted their tax return by 23/04/2020.

An important date – claims for the second SEISS grant must be submitted by 19 October 2020.

The second grant (which is taxable) is 70% of 3 months’ worth of the average trading profits over the three tax years (or if less, the total period of trading) to 05/04/2019 capped at £6,750 in total.

The scheme is being extended and anybody who is eligible for the current scheme (even if they don’t make a claim under it) is eligible. The extension period runs for six months from 1/11/2020. The claiming process is yet to be announced but we are guessing HMRC will use their existing infrastructure.

If you would like to discuss this or any other Government Covid support schemes, please get in touch.