Self Employment Income Support Scheme (SEISS) Update

Further to our email dated 5th May 2020 relating to this scheme, the Government have now issued further guidance.

Initial Scheme

The deadline for claims under this scheme is 13th July 2020.

The scheme is available for self-employed individuals to make a claim for loss of profits due to the coronavirus outbreak.

The claim is worth 80% of your average monthly profits capped at £2,500 per month, with the one claim covering a three month period.

The eligibility criteria for claims under this scheme have been detailed on our earlier email.

Extension to the scheme

The SEISS scheme is being extended and eligible individuals will be able to make a second and final claim in August 2020.

The eligibility for this extended scheme will be worked out the same way as with the first claim.

Individuals will have to confirm that their business has been adversely effected after 14th July 2020.

The grant will be for 70% of your average monthly trading profits, capped at £2,190 a month, paid in a single instalment covering a three month period.

Individuals are able to claim for the second grant even if they did not make a claim for the first one.

Individuals who have returned to work as normal in June will not be eligible to make the second claim.

The online process for the second claim is not available yet and so second claims cannot be submitted. HMRC have indicated that the online claims process for the second grant will only be made available in August and that they will issue further guidance when the service is available.

Should you require any further information on this or any other matter please feel free to contact us