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Don't Miss The Deadline For The Self-Employment Income Support Scheme

Posted 5 months ago

Don't Miss The Deadline For The Self-Employment Income Support Scheme
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Introduced by Chancellor Rishi Sunak on March 25, the Self-Employment Income Support Scheme (SEISS) provides taxable grants to self employed individuals whose livelihoods are adversely affected by coronavirus

The Scheme offers claimants with a grant worth 80 percent of their average trading profits over the last three tax years. As of the end of May, the scheme had received more than 2.3 million claims worth a total of £6.8 billion. 

Shortly after announcing the extension of the Coronavirus Job Retention Scheme, the government announced that a second grant under SEISS will be available. 

Individuals can continue to apply for the first SEISS grant until 13 July. Those eligible have the money paid into their bank account within six working days of completing a claim.

In a statement, Mr Sunak said: “Our top priority has always been to support people, protect jobs and businesses through this crisis.

“The furlough and self-employment schemes have been a lifeline for millions of people and businesses.

“We stood behind Britain’s businesses and workers as we came into this crisis and we stand  behind them as we come through the other side.

“Now, as we begin to re-open our country and kickstart our economy, these schemes will adjust to ensure those who are able to work can do so, while remaining amongst the most generous in the world."

When can I claim the second grant? 

If you have already applied for the first grant under the Self-Employment Income Support Scheme, then you will be able to claim for a second grant. However, 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

Applications are due to open from August 17 2020, and in order to receive the second grant, you must confirm that your business has been adversely affected by Covid-19 either on or after July 14 2020. 

The new grant will be slightly reduced from the first, and will be worth 70 percent of your average monthly trading profits instead of the original 80%

Like the first, however, the second grant will be paid out in one sum covering three months. The total amount you can receive in the second grant will be capped at £6,570 in total.

Authors: Oliver Murphy & Sacha Bright

Disclaimer

To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed.



Tagged: sme news coronavirus



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1 comments

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anshul sharma

4 months

Hi Admin

COVID-19 Self-Employment Income Support Scheme (SEISS)
https://www.qredible.co.uk/b/self-employment-income-support-scheme/
uk solicitor qredible

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