Help for self-employed people
Self-Employed Income Support Scheme – (SEISS)
Applications for the first round of the Self Employed Income Support Scheme [external link] closed on 13 July 2020. The second and final round of the Scheme (SEISS) opened on the 17 August 2020 with applications being accepted up to and including 19 October 2020.
The second and final taxable grant scheme is worth 70 per cent of a self-employed worker’s average monthly trading profits from over the last three years, 2016-2017; 2017-2018 and 2018-2019 based on an average trading profit. This is done by adding together your total trading profits or losses for the 3 tax years’ and dividing by 3. The grant is paid out in a single instalment covering 3 months’ worth of profits and is capped at £6750.00 in total.
You can claim the grant if you’re a self-employed individual or a member of a partnership and your business has been adversely affected due to coronavirus. You must have traded in the tax year 2018 to 2019 and submitted your Self-Assessment tax return on or before 23 April 2020 for that year.
You traded in the tax year 2019-2020 and intend to continue to trade in the tax year 2020-2021.
You cannot claim the grant if you trade through a limited company or trust.
If you claim Maternity Allowance this will not affect your eligibility for the grant.
Your trading profits must be no more than £50,000 and at least equal to your non-trading income.
You can keep working if you claim the grant.
You can also apply for and get universal credit (SEISS doesn’t make you ineligible)
Once again, HMRC are contacting people who may be eligible for the SEISS scheme to explain how to apply and what they need to prepare before they make a claim. You do not need to have made a claim in the first round. It will be paid straight into a bank account, which eligible taxpayers will need to confirm on their application form. People do not need to contact HMRC now, if they are eligible HMRC will contact them directly.
Those who are recently self-employed and do not have a full year of accounts will not receive any help under this scheme.
For further information see the .Gov Self Employed Income Support Scheme webpage [external link]