Rishi Sunak has announced that the Self-Employment Income Support Scheme will be extended, with those eligible able to claim a second and final grant capped at £6,570
Those eligible under the Self-Employment Income Support Scheme (SEISS), which has so far seen 2.3 million claims worth £6.8 billion will be able to claim a second and final grant in August. The grant will be worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total.
- Individuals can continue to apply for the first SEISS grant until 13 July. Under the first grant, eligible individuals can claim a taxable grant worth 80% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £7,500 in total. Those eligible have the money paid into their bank account within six working days of completing a claim.
- Applications for the second grant will open in August. Individuals will be able to claim a second taxable grant worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total.
- The eligibility criteria are the same for both grants, and individuals will need to confirm that their business has been adversely affected by coronavirus. An individual does not need to have claimed the first grant to receive the second grant: for example, they may only have been adversely affected by COVID-19 in this later phase.
Self employed individuals, including members of partnerships, are eligible if they:
- Submitted their income tax self assessment tax return for the tax year 2018-2019
- Continued to trade in 2019-2020 and intend to keep trading in 2020-2021
- Carry on a trade which has been adversely affected by COVID-19
- Have average self employed trading profits of no more than £50,000 and at least equal to their non-trading income
Individuals can continue to work whilst claiming the grant.
Further guidance on the second grant will be published on Friday 12 June.
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With all the legislative changes and updates over recent days in these ever changing and uncertain times, our teams are briefed and here to help you and your business.
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All the best
The NR Barton team
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