Self-Employment Income Support Scheme Update – Announced 29/05/2020
The Chancellor has announced plans to extend the Self-Employment Income Support Scheme (SEISS) for those people whose trade continues to be, or are newly, adversely affected by COVID-19 (coronavirus).
Eligible self-employed people will be able to claim a second and final SEISS grant in August. This will be a taxable grant worth 70% of their average monthly trading profits for three months, paid out in a single instalment and capped at £6,570 in total.
The eligibility criteria for the second grant will be the same as for the first grant. People do not need to have claimed the first grant to claim the second grant: for example, their business may have been adversely affected by COVID-19 (coronavirus) more recently.
Claims for the first SEISS grant, which opened on 13 May, must be made no later than 13 July. Eligible self-employed people must make a claim before that date to receive the first SEISS grant (a taxable grant of 80% of their average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total). So far, we’ve seen over 2.3 million claims worth £6.8 billion.
The eligible individual must make the claim and not the agent, otherwise this will trigger a fraud alert and will result in significant delays to payment.
Guidance and support
Further information about the second SEISS grant will be available on GOV.UK on 12 June.
For the current Government guidance, which should be updated as new details are released, please see:
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