Chancellor, Rishi Sunak has announced that further help will be available for self-employed workers. Below is everything you need to know about the extension of the Self-Employment Income Support Scheme (SEISS).
The extension will be available to those whose trade continues to be, or is newly, adversely affected by 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. Please note that you do not need to have claimed for the first grant to claim for the second.
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 three months’ worth of profits, and capped at £7,500 in total).
While we can’t make a claim on your behalf, we can help you prepare all the information you need and calculate how much you’ll receive. Please don’t hesitate to get in touch with PKB if you need help with any aspect of the SEISS.
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