Self-Employed Income Support Scheme (SEISS) Grant Extension

Posted on 1st October 2020 by Streets

The Self-Employed Income Support Scheme (SEISS) Grant Extension provides critical support to the self-employed. The grant will be limited to self-employed individuals who are currently eligible for the SEISS and are actively continuing to trade but are facing reduced demand due to Covid-19.

The extension will provide two grants and 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 3 months’ worth of profits from the start of November until the end of January. It will be worth 20% of average monthly profits and will be capped at £1,875 in total.

The second grant will cover a three-month period from the start of February 2021 until the end of April 2021. The government will advise the level of the second grant in due course.

Who is eligible?

To be eligible for the scheme, self-employed individuals, including members of partnerships, must meet the following criteria:

Currently be eligible for the SEISS (although they do not have to have claimed the previous grants)
Declare that they are currently actively trading and intend to continue to trade
Declare that they are impacted by reduced demand due to Covid-19 in the qualifying period. The qualifying period for the first grant is between 1st November 2020 and the date of the claim.

Taxation

The grants are subject to Income Tax and National Insurance Contributions.

How can I claim?

HMRC will provide full details about claiming and applications in guidance on www.gov.uk in due course.

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