Self-Employment Income Support Scheme (SEISS) Grant Extension

Posted on 12th November 2020 by Streets


Image to represent Self-Employment Income Support Scheme (SEISS) Grant Extension

Support for those who are self employed will be extended under the Government’s Self Employment Income Support Scheme from 40% of average trading profits to 55%.


The grant is being increased from the previously announced level of 40% of trading profits to 80% for November. This therefore increases the total level of the grant from 40% to 55% of trading profits for November to January.

In addition, this support has been brought forward from the 14th December to 30th November.

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.

Following on from the previous first and second self-employment grants, this third grant will cover a three month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total.

The Government has already announced that there will be a fourth grant covering February 2021 to April 2021. The Government will set out further details, including the level of the fourth grant in due course.

The grants are taxable income and also subject to National Insurance contributions

Who can claim?

To be eligible for the grant extension self-employed individuals, including members of partnerships, must:

  • have been previously eligible for the Self-Employment Income Support Scheme first and second grants (although they do not have to have claimed the previous grants)
  • declare that they intend to continue to trade and either:
  • are currently actively trading but are impacted by reduced demand due to coronavirus
  • were previously trading but are temporarily unable to do so due to coronavirus

For further information and guidance please visit

https://www.gov.uk/government/publications/self-employment-income-support-scheme-grant-extension/self-employment-income-support-scheme-grant-extension


No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.

Information

The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.


Expert insight and news straight
to your inbox

Related Articles


Boost Your Restaurant's Cash Flow with These Top Tips!

Maintaining a healthy cash flow is crucial for the success of any restaurant. Here are five key strategies to get you started: Optimise Menu Prices Ensure your dishes are priced for both competitiveness and profitabilityStreamline InventoryReduce waste and free up cash by using smart inventory management techniquesNegotiate with SuppliersBetter terms ...


Property Finance - unlocking opportunities with confidence and support

Exploring, navigating and understanding the complex landscape of property finance options can not only be time consuming, but hard to understand with the diverse range of financing options that are available in the market. It is essential from the outset for business owners to carefully evaluate their financing and ...


Closing a limited company

There are a number of reasons why you may need to close your limited company. This could be because the company structure no longer suits your needs, your business is no longer active, or the company is insolvent. You will usually need the agreement


You might also be interested in...