Self-Employment Income Support Scheme Grant Extension
Following the new Job Support Scheme, the British Government want to ensure that they are providing the same level of support to self-employed individuals as is being provided to employees. As such, they have extended the Self-Employed Income Support Scheme (SEISS) by 6 months from November.
Who Can Claim?
To be eligible for the grant extension self-employed individuals, including members of partnerships, must:
- currently be eligible for the Self-Employment Income Support Scheme (although they do not have to have claimed the previous grants)
- declare that they are currently actively trading and intend to continue to trade
- declare that they are impacted by reduced demand due to coronavirus in the qualifying period (the qualifying period for the grant extension is between 1 November and the date of claim)
Details of The Grant
The extension will provide two grants and will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period.
The first grant will cover a three-month period from the start of November until the end of January. HMRC will provide a taxable grant covering 20 per cent of average monthly trading profits, paid out in a single instalment, and capped at £1,875 in total. The second grant will then cover a three-month period from the start of February until the end of April. HMRC will review the level of the second grant and set this in due course.
How to Claim:
HMRC are going to announce how to claim this in ‘due course’; as soon as we have further information we will release this ourselves.