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The UPDATED Self Employed Income Support Scheme (SEISS)

Here is a 1 minute summary of the Chancellor, Rishi Sunak’s Updated SEISS :

Today, the Chancellor, acknowledged the need to increase the support UK businesses and compliment the package for The New Job Support Scheme to help self employed business owners, across the UK.
Especially, those self employed businesses, who are experiencing a drop in demand as a direct result of COVID-19.
The news has been warmly welcomed, with repect to the difficult winter months ahead, by adding extra measures to the support package, announced last month.

The government is providing extra support by:
– Providing two taxable SEISS grants – one in November 2020 and another in February 2021.
– Available to anyone who was eligible for the previous SEISS grants and meet the current eligibility criteria.
– SEISS grant have been increased from 20% to 40% of average trading profits.
– The capped maximum grant will increase from £1,875 to £3,750.
– Payable in two lump sum installments – cover 3 months:
– The first grant will cover 1 November 2020 to 31 January 2021.
Based on 40% of three month’s average trading profits, capped at £3,750.
– The second grant will cover 1 February 2021 to 30 April 2021.
The second grant is based on a government review and the amount will be set
in closer to the time.

SEISS grant have been increased from 20% to 40% of average trading profits.

Who is eligible?

Anyone who was eligible for the previous SEISS grants that were made.
This was any self employed person who had submitted a self assessment income tax return by 31 January 2020.

What is covered?

Two SEISS grants.
The first grant covers the period, November 2020 to January 2021, covering 40% og three month’s average trading profits, capped at £3,750.

The second grant will cover February 2021 to April 2021.
The level of funding is yet to be announced. The level will be set by the Chancellor closer to the time.

Employees must bThe first grant will cover 1 November 2020 to 31 January 2021.Based on 40% of three month’s average trading profits, capped at £3,750.

How to claim?

HMRC will provide full details about claiming and applications in guidance on GOV.UK in due course.

If you require any additional information regarding The New Job Support Scheme, please contact us at enquiries@pennyhills.com or call us on 0208 064 0969.

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