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Update: Second Self-Employment Income Support Scheme NOW OPEN

by | Aug 26, 2020 | Business owners, Business strategy, Construction, Covid, Financial planning, Manufacturing & engineering, Owner managed business, Property, Start ups, Tax planning

Self Employed

The chancellor announced plans to extend the Self-Employment Income Support Scheme (SEISS) for those people whose trade has been adversely affected by COVID-19 (coronavirus).

The second and final Self-Employment Income Support Scheme (SEISS) grant is now open for claims, to eligible self-employed people.  This is a taxable grant worth 70% of average monthly trading profits for three months, paid out in a single instalment and capped at £6,570 in total.

Claims for the second SEISS grant must be made no later than 19 October. The eligibility criteria for the second grant will be the same as for the first grant. If you make a claim for the second grant you will have to confirm your business has been adversely affected on or after 14 July 2020. You do not need to have claimed the first grant to be eligible for the second as the scheme will be available to those more recently adversely affected by the coronavirus and the resulting restrictions.

All claims for SEISS grants must be made by the eligible individual themselves. More information about the second SEISS grant is available on GOV.UK

In the meantime, if you are self-employed or know someone who is and may benefit from the scheme, please encourage them to make a claim before 19 October.