News
Self-Employment Income Support Scheme (SEISS) extended
01 June 2020
The Chancellor has confirmed the extension of the Self-Employment Income Support Scheme (SEISS), with the announcement of a second and final grant to support the income of self-employed individuals during the Coronavirus outbreak.
The first and current round of grants under the scheme allows self-employed individuals to claim a taxable grant worth 80 per cent of three months’ average monthly trading profits, capped at a total of £7,500 and paid in a single instalment.
It has seen 2.3 million claims to date, collectively worth £6.8 billion.
Applications for this round of grants will close on 13 July 2020. However, the Chancellor has now announced that self-employed individuals will be able to claim a second grant in August. This will be worth 70 per cent of three months’ average trading profits and will be capped at £6,570 in total, also paid in a single instalment.
Individuals do not need to have claimed the first grant to be able to claim the second.
Unlike the Coronavirus Job Retention Scheme (CJRS) for employees, self-employed individuals may continue working, begin a new trade or take on new employment while in receipt of a grant.
The full criteria for qualification for the scheme remain unchanged. Applicants must:
The scheme is not available to people working through their own limited companies.
- Be self-employed or a member of a partnership;
- Have lost trading/partnership trading profits due to COVID-19;
- File a tax return for 2018-19 as self-employed or a member of a trading partnership;
- Have traded in 2019-20; be currently trading at the point of application (or would be except for COVID-19) and intend to continue to trade in the tax year 2020 to 2021; and
- Have trading profits of less than £50,000 and more than half of their total income come from self-employment. This can be with reference to at least one of the following conditions:
- Trading profits and total income in 2018-19
- Average trading profits and total income across up to the three years between 2016-17, 2017-18, and 2018-19.
Further details about how to apply for the second and final grant will be announced on 12 June 2020.
Case Studies
-
Smiles all round for dental practice
-
A modern approach required for music moguls
-
Child's play with proactive accounts management
-
A taste for growth, a thirst for knowledge
-
Cut above the rest in personal management style
-
Customer care is top of the list for packaging business
-
Sometimes a business does exactly as it says on the tin
-
Taxing demands with old school charm
-
A shared passion for architecture and a head for numbers