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Self-Employed Income Support Scheme, act today Featured

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Get your applications in for the Self-Employment Income Support Scheme

If you’re self-employed or a member of a partnership and you’re struggling financially because of Covid-19, you have until Monday, 13 July to apply for the first grant under the Self-Employment Income Support Scheme (SEISS).

The taxable cash is worth 80% of your average monthly trading profits over three months, capped at £7,500. You need to confirm your business has been adversely affected by the pandemic over the months leading up to the deadline, and you can make a claim if all of the following apply:

  • you 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 to 2020
  • you intend to continue to trade in the tax year 2020 to 2021
  • you carry on a trade which has been adversely affected by coronavirus

Although time is running out for the first grant, the government has extended the SEISS until 19 October for businesses that continue to be or are newly adversely affected by the fallout from the pandemic. Applications will open for a second grant from 17 August, offering 70% of your average profits over three months, capped at £6,570. You can apply even if you haven’t claimed for the first grant.

There’s some confusion about which three months the second grant applies to, as you need to confirm your business has been adversely affected on or after 14 July. Give us a call if you’re not sure whether you’re eligible or are unsure how to demonstrate the impact of the pandemic on your business.

Key reminders

1st Grant:

·         Deadline for applications: 13 July

·         Grant amount: 80% of your average monthly trading profits over three months

·         Capped at £7,500

2nd Grant:

·         Open for applications from 17 August until 19 October

·         You must confirm your business has been adversely affected on or after 14 July

·         Grant amount: 70% of your average monthly trading profits over three months

·         Capped at £6,570

 For more information about SEISS, visit the Government’s website or get in touch with us for a no-obligation chat about the support available to your business - email This email address is being protected from spambots. You need JavaScript enabled to view it.

HMRC has updated its guidance on SEISS applications and preventing false claims, make sure you read our SEISS update blog to find out more.

 

Read 622 times Last modified on Thursday, 23 July 2020 09:22

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