30th September 2020
The self-employment income support scheme (SEISS) has been extended by the Government in the latest round of financial assistance available to the self-employed.
To be eligible for the extended grant, you must have been eligible for the scheme previously.
Self-employed individuals (and members of Partnerships) can make a claim even if no claim was made under the scheme previously (but they still have to be eligible).
As previously, when making the claim there are certain declarations to agree to and these include that your business continues to trade (and is actively trading) and that the Coronavirus has impacted your trade.
The extended grant will cover the six months of November 2020 to April 2021 and is payable in two instalments (each payment covering 3 months of profits). The profit calculation is as before (monthly average profits over the 3 tax years up to the 2018/19 tax year or less if trading for a shorter period).
The major change to the scheme is the value of the grant. The maximum grant available is 20% of average profits up to a maximum amount of £1,875.00 (equivalent of £625.00 per month).
The grant received remains taxable.
Details as to how to make the claim will be available on gov.uk in due course. As the first claim period covered November 2020 to January 2021 the claim portal will hopefully be ‘live’ in early November if not before.