fbpx

HMRC updates guidance for self-employed coronavirus scheme.

HMRC has updated its guidance regarding the eligibility of businesses for the two Self-employment Income Support Scheme (SEISS) grants.

The tax authority has published a number of examples that show when a business has been ‘adversely affected’ and meets the criteria for the first and second grants.

Those self-employed individuals (including those trading as a partnership) adversely affected in the period up to 13 July 2020 can claim the first grant. If they are adversely affected in the period from 14 July 2020 they can claim the second grant.

The first taxable grant is worth 80% of average monthly trading profits, paid out in a single instalment covering three months’ worth of profits and capped at £7,500.

A second and final grant can be claimed in August 2020. It is worth 70% of average monthly trading profits and will also be paid out in a single instalment covering three months’ profits. The grant is capped at £6,570.

HMRC confirmed that those who are self-employed and able to return to work as normal in June will not be eligible for a second grant, although they can claim a grant for the first period. HMRC’s guidance of how a business might be adversely affected includes such reasons as shielding and supply chain disruption.

A full list of circumstances can be found here, and details of the SEISS can be found here.

Leave a Reply

Your email address will not be published. Required fields are marked *

Asmat Accountants

Asmat & Co are one of Berkshires’ leading independent firms of Accountants servicing a growing and satisfied clientele. At Asmat & Co expert advice is available from senior qualified Chartered Management Accountants (ACMA) and Chartered Certified Accountants (ACCA), at very attractive packages tailored to suit varied individual and business requirements. The professional team at Asmat & Co. possesses extensive experience in providing accounting, tax, finance transformation and business advisory services to a diverse customer base.

CONTACT US


  • 84 High Street, Slough, Berkshire SL1 1EL, United Kingdom
    Get directions >>
  • 01753 424968 / 02035 988 621
  • 01753 437109
  • info@asmataccountants.co.uk

Reading Office

  • 365-367 Oxford Road, Reading, RG30 1HA
    Get directions >>
  • 0118 950 9841
  • reading@asmataccountants.co.uk



× Chat with your accountant now!