The government has acknowledged the continuous effect that coronavirus (COVID-19) has had on the self-employed and has taken appropriate action to make changes to the scheme to accommodate as the virus continues to pose a threat to the economy.
Who is entitled to the extended support for SEISS?
To be entitled for the extension self-employed individuals, including members of partnerships, you:
- Must have been formerly entitled for the Self-Employment Income Support Scheme first and second grant though you do not have to have claimed the previous grants.
- Declare that you intend to keep working.
- Are presently trading but are working at a reduced rate due to less demand or should have been previously trading but are temporarily unable to do so due to coronavirus
What does it cover?
The extension will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period.
The first grant will cover a three-month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant covering 40% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £3,750 in total.
The second grant will cover a three-month period from 1 February 2021 until 30 April 2021. The Government will review the level of the second grant and set this in due course.
The Government are providing approximately the same level of support for the self-employed as is being provided for employees through the Job Support scheme. The grants are taxable income and also subject to National Insurance contributions.
How can we help you?
Asmat & Co can help you with any questions related to the extension of the SEISS. All existing self-employed clients will have access to this scheme. All new enquiries are welcome. Please call a dedicated account manager on 01753 424968 or email us at email@example.com for more information!