The government has announced that it will be extending the Self-Employment Income Support Scheme (SEISS) for another six months.
This will be divided into two separate grants, each available for three-month periods covering November 2020 to January 2021 and February 2021 to April 2021.
The online service for self-employed workers to make a claim will be available from 30 November 2020.
To be eligible for the grant, self-employed individuals, including members of partnerships must:
- Have been previously eligible for the Self-Employment Income Support Scheme first and second grant (even if you didn’t make a claim)
- Declare that you intend to continue to trade and either:
- Are currently actively trading but are impacted by reduced demand due to coronavirus
- Were previously trading but are temporarily unable to do so due to coronavirus
The first grant will cover a three-month period from 1 November 2020 until 31 January 2021. The taxable grant will cover 80% of average monthly trading profits for November and 40% for December and January, increasing the total level of the grant from the previously stated 40% to 55%. This will be paid out in a single instalment and will be capped at £5,160.
The second grant will cover a three-month period from 1 February 2021 until 30 April 2021. The Government will review the level of the second grant and set this in due course.
The grants are taxable income and are also subject to National Insurance contributions. HMRC will provide full details about claiming and applications shortly. As always, we will update you as soon as any new information becomes available. In the meantime, you can head to gov.uk to find out more.
Alternatively, please don’t hesitate to get in touch with PKB Accountants and we’ll be more than happy to help.
To read news and blogs from Rebecca Austin, click here >>