The government’s Self Employment Income Support Scheme (SEISS) has been extended, with a second (and final) payment to be made in August 2020 of 70% of average monthly trading profits over 3 months, capped at £6,570.
If you haven’t yet applied for the first grant currently available under the scheme, you can do so until 13th July 2020. This is a taxable single payment of 80% of your average monthly trading profits, covering three months of profit. It is capped at £2,500 per month, or £7,500 total.
Those who are eligible will be able to claim a second and final grant from 17th August, capped at £6,570 in total.
- This second payment will be paid in a single instalment covering 3 months’ worth of average monthly trading profits.
- The payment will be 70% of average monthly trading profits and capped at £6,570 in total (compared with the first payment of 80% capped at £2,500 per month or £7,500 total).
- The grant continues to be based on average income over the last three years
- You can claim this grant and continue to do business.
- It is only open to people with trading profits of up to £50,000 (which covers 95% of self-employed people). Self employed people who earn more do not qualify.
- Only people who make the majority of their income from self employment are eligible. So if you are employed but have a ‘side job’ which is self employed, you are not eligible
- It’s only for those who have submitted a tax return for 2019 (to minimise fraud).
- For a payment mechanism, there are no steps to take. HMRC will contact eligible self employed people directly and pay the grant straight into their bank account after asking them to fill in an online form.
- This scheme is open to people from across UK.