The Self-Employed Income Support Scheme has been extended. This will be available to eligible self-employed individuals who are still trading but facing reduced demand due to Coronavirus.
SEISS Eligibility Criteria
If you are self-employed (including members of partnerships) you must meet the following criteria to be eligible for the grant:
- You must currently be eligible for the SEISS (although you do not have to have claimed the previous grants)
- You must declare that you are currently actively trading and intend to continue to trade
- You must declare that you are impacted by reduced demand due to COVID-19 in the qualifying period. The qualifying period for the first grant is between 1 November and the date of claim
What does the grant offer?
The SEISS Extension will last for six months, from November 2020 - April 2021. Two grants will be paid, each of which covers a three month period, the first from November - end January, the second from February - end April.
The Government will provide a taxable grant which will cover 20% of your average monthly trading profits. This grant is capped at a total of £1875, it will be paid in one lump sum, and it will cover 3 months worth of profit.
These grants are subject to Income Tax & National Insurance Contributions.
How to claim
Details about how to make the claim will be released by HMRC in due course.