Self-Employment Income Support Scheme Extended!

At the end of last week, Chancellor Rishi Sunak announced that the Self-Employment Income Support Scheme (SEISS) will be extended until the end of August.

SEISS was originally scheduled to terminate at the end of May, but due to the relatively slow resumption of the economy, it was felt that an extension was required.

We have described the scheme at length in an earlier Blog pieces, as well as the application process https://srcadvisory.com/how-to-claim-a-grant-through-the-self-employment-income-support-scheme/

Eligibility for SEISS remains unchanged with those eligible able to claim a second and final grant capped at £6,570 in August. Once again you will need to confirm that your business has been adversely affected by coronavirus. You do not need to have claimed the first grant to receive the second grant: for example, you may only have been adversely affected by COVID-19 in this later phase.

The grant will be worth 70% of your average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total.

HMRC will announce the exact date in August when the second claim can be made.

You can continue to apply for the first SEISS grant until 13 July. Under the first grant, you can claim a taxable grant worth 80% of your average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £7,500 in total.

SRC-Time are one of the South East’s leading accountancy firms in advising the self-employed and partnerships in all aspects of their tax affairs and we are able to assist in any issue raised above.

Our expert team is available to provide you with advice and can be contacted on 01273 326 556 or you can drop us an email at info@src-time.co.uk  or speak with an account manager to get any process started.