Self-Employed Income Support Scheme EXTENDED

On Friday (29th May), the Chancellor, Rishi Sunak, announced that the Self-Employed Income Support Scheme (SEISS) would be extended until the end of August. This means that there is further support available for the next three months for those that are eligible.

As a reminder, you can check your eligibility via the link below. However, the Chancellor has confirmed that the criteria for eligibility remains unchanged.

Use the tool on gov.uk

2 Likes

A closer look at the extension so far

  • The claim will be for a further three months covering June, July and August .
  • For the extension period, the taxable grant will be reduced to cover 70% of your average monthly trading profits, capped at a total of £6,570 for the three month period.
  • The grant will be paid out in a single instalment at the end of August.
  • If you are eligible and have not yet made a claim the first grant (effectively covering March, April and May) you must make your claim on or before 13 July 2020 or you will miss this first payment of the grant.
  • However, you do not need to have claimed the first grant to receive the second grant: for example, if your business has only been adversely affected by Covid-19 in this later phase.
  • You cannot currently claim for this second grant, applications will open in August . Exact dates have not yet been confirmed.
  • You will be required to make the claim via HMRC, following the same process as the first grant.
  • A reminder, you will need to make this claim yourself . Your accountant or tax adviser will be unable to submit this on your behalf.
  • This will be the final claim that is made available from the Government under SEISS.

The Government are due to release more information around the extension of SEISS on Friday 12th June. We’ll share any updates as and when they happen.

3 Likes

Coronavirus Job Retention Scheme has also been extended

In addition to this, the Chancellor has also extended the Job Retention Scheme until October. As expected, the level of support is tapered from August onwards. So for those of you who are making use of this scheme, we’ve shared more detail on the changes here.

2 Likes

IMPORTANT: 1.2m eligible people are missing out on the Self Employment Income Support Scheme. This may be for the WRONG reasons, please help spread this information... pic.twitter.com/5nueFVF91Y

— Martin Lewis (@MartinSLewis) June 1, 2020
1 Like