Self-Employment Income Support Scheme (SEISS) extended

The Chancellor has confirmed that the Self-Employment Income Support Scheme (SEISS) will be extended.

Those eligible will be able to claim a second and final grant worth 70% of their average monthly trading profits. It will be paid in a single instalment covering three months’ worth of profits, and will be capped at £6,570 in total.

 

When to claim the SEISS grant

Claims for the first SEISS grant can still be made until 13th July, with applications for this second grant opening in August.

Under the first grant, eligible individuals can claim a taxable grant worth 80% of their average monthly trading profits, paid in a single instalment covering three months’ worth of profits to 31st May, and capped at £7,500. Those eligible have the money paid into their bank account within six working days of completing a claim.

Applications for the second grant will open in August, enabling self employed individuals to claim a second taxable grant worth 70% of their average monthly trading profits. It will again be paid as a single instalment covering three months’ worth of profits, and capped at £6,570 in total.

 

Eligibility criteria

  • The eligibility criteria are the same for both grants (see link to earlier blog: https://www.garbutt-elliott.co.uk/blog/a-lifeline-for-the-self-employed/
  • Individuals will need to confirm their business has been adversely affected by COVID-19 in this later phase
  • An individual does not need to have claimed the first grant to receive the second: for example, they may only have been adversely affected by COVID-19 in this later phase

 

Further guidance on the second grant will be published on Friday 12th June.

For more information on the above scheme, please contact Richard Whitelock rwhitelock@garbutt-elliott.co.uk