Changes to the Self-Employment Income Support Scheme (SEISS)
Monday, 01 June 2020
In his briefing on Friday 29 May, the chancellor announced an extension to the Self-Employment Income Support Scheme (SEISS).
The scheme has already seen the first instalment of applications, with 2.3 million claims worth £6.8 billion paid out to support self-employed businesses. The extension will see those eligible, claim a second and final grant in August.
The second grant will be worth 70% of average monthly trading profits, rather than 80% of profits as in the first instalment. This reduction mirrors the reduction in support available under the Job Retention Scheme (JRS).
The grants will be paid out in a single instalment covering three months’ profits and capped at £6,570 in total.
The eligibility is the same for both grants, with individual businesses needing to have been adversely affected by Coronavirus.
HMRC have also confirmed that an individual does not need to have claimed the first grant to be eligible for the second grant. This is to cover businesses who were not affected by the initial phase of COVID-19 but have been in this later phase. Further guidance on the second grant is expected on Friday 12 June.
If you haven’t already claimed, the closing deadline for the first SEISS grant is 13 July and you can find details on the eligibility criteria here.
More informaiton on the scheme can be found on our initial blog here.
If you have any questions on the SEISS grant, please speak to your usual MHA Larking Gowen contact or email firstname.lastname@example.org