2nd Self-Employed Income Support Scheme Announced

The government has announced plans to extend the Self Employed Income Support Scheme (SEISS) for those people whose trade continues to be or is newly, adversely affected by COVID-19.

Eligible self-employed people will be able to claim a second and FINAL SEISS grant in August; this will be a taxable grant worth 70% of their average monthly trading profits for the three months, paid out in a single instalment capped at £6,570 in total.

The eligibility criteria for the second grant will be the same as the first grant.  People do not need to have claimed the first grant to claim the second; for example, their business may have been affected by COVID-19 more recently!

Claims for the first SEISS grant which opened on May 13th, must be made no later than 13th July.  Eligible self-employed people must make a claim before that date to receive the first SEISS grant (a taxable grant of 80% of their average monthly trading profits, paid out in a single instalment covering 3 month’s worth of profits, and capped at £7,500 in total).  

Don’t Forget: as with the first SEISS grant, the eligible individual must make the claim themselves.  Your accountant or tax agent cannot do this for you!  

More Information about the second SEISS grant will be available on GOV.Uk on 12th June in line with when the chancellor releases the information on the Coronavirus Job Retention Scheme!

 

Disclaimer
The comments above do not count as advice on which you should rely on. It is provided for general information purposes only. Professional or specialist advice should always be sought before taking any action relating to the above. We make no representation, warranty, or guarantee that the comments above will meet your requirements. The comments above are subject to change.

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