Self-Employment Income Support Scheme grant extension

The Chancellor announced in his Winter Statement, that he is extending the grant for Self-Employed individuals who are currently eligible for the Self-Employment Income Support Scheme (SEISS) and are actively continuing to trade, however, are facing reduced demand due to Covid-19.

If you’re eligible, the grant extension will provide two further grants that will last for 6 months, from November 2020 to April 2021. The grants will be paid in two lump sum payments, each covering a three-month period. The first grant will cover the period November 2020 to the end of January 2021. HMRC will pay a taxable grant worth 20% of your average monthly trading profits, capped at £1,875 in total.

The second grant will cover three months from February to April 2021. HMRC have yet to set the level of the grant that will be payable. We will update you as soon as this is announced.

To be eligible for the grant extension, Self-Employed individuals, including members of partnerships must currently be eligible for the SEISS, although they do not have to have made a previous claim. The will need to declare that they are currently actively trading and intend to continue to trade. They will also need to declare that they have been impacted by Covid-19 and as such, are facing reduced demand during the qualifying period, this being 1 November 2020 to the end date of the claim.

HMRC will be announcing full details about how to claim in due course.

We will issue the latest guidance once it becomes available.

Posted in COVID-19, COVID-19 - Grants, Loans, Reliefs & Deferrals, COVID-19 - Self employed & self assessment.