The Government recognises the continued impact that coronavirus is having on the self-employed and has taken action to provide further support.
The Self-Employment Income Support Scheme (SEISS) has been extended to provide critical support in the form of two grants, each available for three-month periods covering November 2020 to January 2021 and February 2021 to April 2021.
To be eligible, you must:
- have been eligible for the first and second SEISS grant (although you didn’t have to claim)
- declare that you intend to continue to trade and either:
- are currently actively trading but are impacted by reduced demand due to coronavirus
- were previously trading but are temporarily unable to do so due to coronavirus
The Government will provide a taxable grant covering 40% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £3,750 in total.
The Government are providing broadly the same level of support for the self-employed as is being provided for employees through the Job Support Scheme.
The level of the second grant will be reviewed and set in due course.
The grants are taxable income and also subject to National Insurance contributions.
HMRC will provide full details about how to claim in due course.
If you have any questions regarding the support available, please don’t hesitate to contact us.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation