Self Employment Income Support Scheme FINAL CALL

Self Employment Income Support Scheme FINAL CALL

Businesses eligible for the first Self Employment grant must make their claim by Monday 13th July 2020.

 

At the end of May the government announced that the scheme would be extended, with a second and final payment being made in August 2020.

 

The deadline of 13th July 2020, is now fast approaching and claims for the first grant MUST be made by this date.

 

While eligibility for the second grant is the same as the first, individuals who will then be claiming for the next one will need to confirm their business has been adversely affected by Covid-19 on or after 14th July 2020, as ultimately it is a separate claim.

Grant payments

The first taxable grant of 80% of average monthly trading profits, paid out in a single lump sum covering 3 months’ worth of profits, and capped at £7,500 in total.

Those eligible for the second scheme will also be able to claim a further grant of up to £6,570, receiving 70% of the average monthly trading profits from their business and paid out in a single lump sum payment, covering three months’ of profits.

 

Examples of when a business as been adversely affected

 

HMRC has updated their guidance and gives examples when a business might be adversely affected here :

 

Business owners unable to work because:

  • They are shielding
  • They are self-isolating
  • They are on sick leave because of Coronavirus
  • They have caring responsibilities because of Coronavirus

 

The business has had to scale down or temporarily stop trading because:

  • The supply chain has been interrupted
  • There are fewer or no customers or clients
  • Staff are unable to come into work

 

HMRC has confirmed that Individuals can receive the full grant under the SEISS while continuing to work as long as their businesses have been adversely affected at the date of the claim.

 

If you need any help making your claim, or understanding if you are eligible then please don’t hesitate to get in touch with us.

 

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