The Government has updated the guidance for self-employed workers and members of a partnership to explain how certain circumstances could affect their eligibility for the scheme.
Currently, the Self-Employment Income Support Scheme (SEISS) entitles claimants to a taxable grant worth 80% of their average monthly trading profits. This is paid out in a single instalment covering three months’ worth of profits and is capped at £7,500 in total.
The SEISS opened in May and millions of self-employed workers have already made a claim and received payment. If you’re eligible for the scheme but haven’t made a claim yet, please note that you must do so on or before 13 July 2020.
Claiming a second grant
Last month, the government announced that the scheme will be extended to 19 October 2020. This means that eligible self-employed workers will be able to claim a second and final grant from 17 August 2020, when the online service will be available.
HMRC will work out your eligibility the same way as it did for the first grant. If you make a claim for the second grant, you will have to confirm your business has been adversely affected on or after 14 July 2020.
This grant will be a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering a further three months’ worth of profits. It will be capped at £6,570 in total.
You can claim for the second and final grant even if you didn’t claim for the first.
The online service for this isn’t available yet but we will continue to keep you updated as soon as we receive more information.
Please note that different circumstances affect the Self-Employment Income Support Scheme (such as if you didn’t submit your tax return in time). You can find out everything you need to know about this here.
For further information about the SEISS, please head to the gov.uk website or contact PKB and we’ll be happy to help.
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