On Friday 29 May 2020, the Chancellor announced plans to extend the Self-Employment Income Support Scheme (SEISS) for those people whose trade continues to be, or is newly, adversely affected by the Coronavirus (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 three months, paid out in a single instalment and capped at £6,570 in total.
The eligibility criteria for the second grant will be the same as for the first grant. People do not need to have claimed the first grant to claim the second grant: for example, their business may have been adversely affected by the Coronavirus more recently.
As with the first grant the claims process is simple: HMRC will calculate the amount of self-employment support individuals will receive, they don’t need to do this themselves.
More information about the second SEISS grant should be available on GOV.UK on 12 June.
IMPORTANT – THE WINDOW TO CLAIM THE FIRST GRANT CLOSES ON 13 JULY 2020
Claims for the first SEISS grant, which opened on 13 May, must be made no later than 13 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 months’ worth of profits, and capped at £7,500 in total). So far, HM Revenue and Customs (HMRC) have seen over 2.3 million claims worth £6.8 billion.
We first reported on the SEISS on 5 May 2020. More information can be found here.