The deadline for businesses eligible for the first Self Employment Income Support Scheme (SEISS) grant is approaching; all claims must be made by Monday 13th July.
The scheme was introduced to support your self-employed business if it had been adversely affected by the Pandemic.
Businesses must have been adversely affected by coronavirus when they claim the grant. This means that – to claim the first grant – the business must have adversely affected on or before 13 July 2020 and to claim the second grant they must have been adversely affected after that date.
It currently lets you claim a taxable grant worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total.
The scheme is being extended. There is to be a second and final grant.
If your business has been adversely affected on or after 14 July 2020 and you are eligible, you’ll be able to make a claim in August 2020. HMRC will work out your eligibility the same way as the first grant.
You can claim for the second grant even if you did not make a claim for the first grant.
This grant will be a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits, and capped at £6,570 in total.
The online service for the second and final grant is not available yet but you can sign up to HMRC alerts here: https://www.gov.uk/email-signup?topic=/topic/business-tax/self-employed
If you have any questions please contact your Champion Advisor.