Monday, August 17, 2020

Self-employment Income Support Scheme (SEISS)

An initial grant was made available to support self-employed individuals or partnerships, worth 80% of their profits up to a maximum of £2,500 per month. Like the JRS, the scheme was open initially for a period of 3 months. A further grant will now be open for claims in mid-August although it will be worth 70% of profits rather than 80% up to a maximum of £6,570 for the 3 months. Profits will be calculated by reference to your profits in the last 3 years of trading as declared on your tax returns. If you have been trading for less than 3 years then the shorter period will be used as long as you have at least submitted a tax return for 2018/19 showing your self-employed income.

 You will only be eligible if you have lost trading profits due to Covid-19 but you do not have to have stopped work completely. You will not be eligible if your average income exceeds £50,000 per annum or if self-employment is not your main source of income (ie >50%). Claims can be made from 17 August.

Click on the link below or paste the address into your browser, it will take you straight to the relevant page on the website.