The chancellor recently announced that the Self-Employment Income Support Scheme (SEISS) has been extended and a deadline has been announced for the first grant.
- If you are eligible and have not yet claimed the first grant, you have until 13/7/2020 apply for it. This is worth 80% of your average monthly trading profits covering 3 months, capped at £7,500 in total. It is usually paid within 6 days of applying for it. More info here: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme
- Eligible taxpayers will be able to claim a second and final grant in August 2020. This is worth 70% of your average monthly trading profits covering a further 3 months, capped at £6,570 in total. The claim process is expected to be the same as the first, i.e. the individual must make the claim rather than the agent.
- The eligibility criteria are the same for both grants, individuals will need to confirm that their business has been adversely affected by coronavirus. An individual doesn’t need to have claimed the first grant to receive the second grant. E.g., they may only have been adversely affected by COVID-19 in this later phase. Further guidance on the will be published on Friday 12/6/2020.