Self-Employment Income Support Scheme Grant Extension

Self-employed individuals who are currently eligible for the Self-Employment Income Support Scheme (SEISS) and are actively continuing to the trade but are affected by Coronavirus (COVID-19) will now receive grant extension from November 2020 to April 2021. The extension will provide two grants and will be covered for six months, from November 2020 to April 2021.

Who is Eligible?

To be eligible for the grant extension self-employed individuals, including members of partnerships, must:
• currently, be eligible for the Self-Employment Income Support Scheme (even though they do not have to have claimed the earlier grants)
• declare that they are currently actively trading and intend to continue to trade
• declare that they are affected by coronavirus due to reduced demand in the qualifying period (the qualifying period for the grant extension is between 1 November and the date of claim)

If you have not claimed a grant under the SEISS till now, but eligible to, you can still claim the new grant. The main difference between this grant and the previous ones is that you must be active in trading.

How Much Will be Paid?

Grants will be paid in two lump sum instalments each including a 3-month period. The first grant will include a 3-month period from the beginning of November 2020 until the end of January 2021. The government will give a taxable grant that will cover 20% of average monthly trading profits, paid out in a single instalment including 3-months’ profits. The maximum amount is £1,875 for three months, so to claim the full amount you will require to have average profits of £37,500 per year. The second grant will include the beginning of February 2021 until the end of April 2021. The government will assess the intensity of the second grant and take further decisions.

How to Apply?

You can find full details about claims and applications with guidance (from HMRC) on at the right time.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>