Two previous grants have been available to self-employed individuals whose business has been adversely affected by Covid-19. The SEISS has now been extended for self-employed individuals who are actively continuing to trade but are facing reduced demand due to Covid-19.
To be eligible for the grant extension self-employed individuals, including members of partnerships, must:
The extension will provide two further grants to self-employed individuals who qualify with the grants being paid in two instalments each covering a three-month period.
The first grant will cover November until the end of January with HMRC providing the taxable grant covering 20 per cent of average monthly trading profits. The grant will be paid out in a single instalment covering 3 months’ worth of profits and capped at £1,875 in total.
The second grant will cover February until the end of April with the exact details of the value of the grant being set in due course.
The grants are subject to Income Tax and National Insurance Contributions.
It is expected that the claims process will be the same as the previous grants with claims being made through the individuals’ digital tax accounts. Confirmation of this and the timing for making a claim will follow in due course.
We are here to help so please contact us if you wish to discuss any of the above.