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Self-employment Income Support Scheme extended

Chancellor Rishi Sunak has provided reassurance for the UK’s army of self-employed workers by extending the Self-employment Income Support Scheme (SEISS) until August.

The SEISS was introduced to provide 80% of a self-employed professional’s average monthly trading profits for March through to May, as the coronavirus lockdown took hold.

The Chancellor has confirmed the UK Government will provide a second cash lump sum to the self-employed, covering June through to August.

In line with the Coronavirus Job Retention Scheme, which will taper down the level of grant support from August onwards, the SEISS will also cut its support from 80% of average monthly trading profits to 70%, up to a maximum of £6,570 across the three months.

Applications for the initial grant, worth up to £7,500, remain open until Monday, 13th July. Individuals will be able to apply for the second grant in August.

The eligibility criteria for the second grant is the same as the first. Individuals do not need to have claimed the first grant to be eligible to apply for the second grant.

The key criteria for the SEISS is as follows:

  • HMRC will use the average trading profits from tax returns in 2016/17, 2017/18 and 2018/19 to determine the size of the grant, deducting any trading losses arising in those years from any profits.

  • In order to be eligible, you must have trading profits of no more than £50,000 and more than half of your total income come from self-employment for either the tax year 2018/19 or the average of the tax years 2016/17, 2017/18, and 2018/19.

  • You must have completed and submitted a self-assessment tax return for the 2018/19 tax year.

  • You must have lost trading/partnership trading profits due to COVID-19.

For a free initial consultation with your local TaxAssist Accountant, call our friendly and experienced team today on 01536 428 444 or drop us a line using our online enquiry form.

For our latest COVID-19 news and guidance for your business, visit our dedicated Coronavirus Hub.
We will be updating it regularly as we continue to monitor and digest all the latest information

 

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