The government’s Self Employment Income Support Scheme (SEISS) now offers a second (and final) payment of 70% of average monthly trading profits over 3 months, capped at £6,570. It is available to eligible self employed people from 17th August until 19th October 2020.
Self employed people who are eligible can apply for a second and final grant between 17th August and 19th October 2020:
- This payment is a single instalment covering 3 months’ worth of average monthly trading profits.
- It represents 70% of average monthly trading profits and is 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.
- You have to confirm that your business has been affected by the virus on or after 14 July 2020, but you don’t need to have taken the first grant to be eligible for the second.
- 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, HMRC will pay the grant straight into the bank account of eligible self employed people, after asking them to fill in an online form.
- This scheme is open to people from across UK.