Covid_ 19:_ Self-employment_ income_ support_ scheme_ –_ extension
On 29th May 2020, the Chancellor announced that the Self-Employment Income Support Scheme (SEISS) will be extended to cover the period from June to August 2020.
Qualifying self-employed individuals will be able to claim a second and final grant in August, which will be worth 70% of their average monthly trading profits.
As before, the grant will be paid out in a single installment within six working days of the claim being made. The grant will cover a total of three months’ worth of trading profits, up to a maximum of £6,570 in total.
The eligibility criteria remain the same as for the first grant and those individuals who claimed the first grant will need to confirm that their business continues to be adversely affected by the Coronavirus.
However, it is not necessary for an individual to have claimed the first grant. Self-employed workers whose business had not been adversely affected in the early stage of the pandemic, may only now be starting to feel the impact on their income.
Additional guidance is expected by 12 June 2020. In the meantime, further details can be found at here
Should you have any further questions please contact our tax team or your Engagement Partner who will be happy to help.