On the 29 May 2020 Chancellor Rishi Sunak announced an extension to the Self-Employment Income Support Scheme (SEISS).
First grant
The first grant will cover businesses for the period of March, April & May 2020 and businesses can still apply for this until Monday 13 July 2020. Businesses are able (subject to eligibility) to claim a taxable grant up to 80% of their average monthly trading profits. This is capped at £7,500 and would be paid in a single instalment and cover 3 months’ worth of profit.
Second and Final Grant – Extension to the Scheme
This second and final grant will cover businesses for the period of June, July & August 2020. Applications to access this grant will not be opened until August 2020, more information will be provided on the 12 June 2020 by the Government. Businesses are able (subject to eligibility) to claim a taxable grant up to 70% of their average monthly trading profits. This is capped at £6,570 and would be paid in a single instalment and cover 3 months’ worth of profit.
It is worth noting that you are able to apply for the second grant even if you have not utilised the first grant scheme.
Check your eligibility
In order to understand if you are eligible, the Government have recommended businesses follow these 5 steps;
- Find out who can claim
- Check if you’re eligible
- Find out how HMRC works out your grant
- Make your claim
- Find out when you’ll get the money paid into your bank and how to record the grant*
Click here for full details about the above steps.
Other measures available to businesses already still apply to those who are self-employed. These include the business interruption loan scheme and the deferral until January 2021 of self-assessment payments due in July. If you have any tax-related questions, there is a HMRC tax helpline number. Call 08000 241222, lines are open from 8am to 4pm daily.
Reference
*Directly quoted from – https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme#extension
