Grant extension to the SEISS
As the impact of COVID-19 continues to affect the self-employed, the UK government have decided to continue supporting these individuals.
They have extended the grants for the Self-Employment Income Support Scheme (SEISS). Two further grants will be paid to those who are eligible, with one grant covering the period 1 November 2020 to 31 January 2021, and the second grant covering the period 1 February 2021 to 30 April 2021.
To recap, to be eligible to make the claim, individuals must:
- Have previously been eligible for the SEISS first and second grants (but do not necessarily have to had claimed them)
- Declare their intention to continue to trade and are either:
- Currently trading but impacted due to a decrease in demand because of the coronavirus; or
- Previously trading but had to cease temporarily due to the coronavirus.
In the first period, the government will provide a taxable grant covering 40% of the average monthly trading profits. The grant will be a single payment, covering 3 months’ worth of profits, capped at £3,750 in total. This is in line with the amounts provided to those employees through the Job Support Scheme.
The government have not yet confirmed the level of the second grant in the second period and further guidance is expected in due course.
Details on how to make the next claims are not yet available. It should be noted that these grants count as taxable income and will be subject to National Insurance Contributions.
As ever, should have any questions, please do not hesitate to contact us at firstname.lastname@example.org.