Self-Employed Income Support Scheme (SEISS) Grant Extension
Posted on 1st October 2020
by
Streets
The Self-Employed Income Support Scheme (SEISS) Grant Extension provides critical support to the self-employed. The grant will be limited to self-employed individuals who are currently eligible for the SEISS and are actively continuing to trade but are facing reduced demand due to Covid-19.
The extension will provide two grants and will last for six months from November 2020 to April 2021. Grants will be paid in two lump sum instalments, each covering a three-month period.
The first grant will cover 3 months’ worth of profits from the start of November until the end of January. It will be worth 20% of average monthly profits and will be capped at £1,875 in total.
The second grant will cover a three-month period from the start of February 2021 until the end of April 2021. The government will advise the level of the second grant in due course.
Who is eligible?
To be eligible for the scheme, self-employed individuals, including members of partnerships, must meet the following criteria:
- Currently be eligible for the SEISS (although they do not have to have claimed the previous grants)
- Declare that they are currently actively trading and intend to continue to trade
- Declare that they are impacted by reduced demand due to Covid-19 in the qualifying period. The qualifying period for the first grant is between 1st November 2020 and the date of the claim.
Taxation
The grants are subject to Income Tax and National Insurance Contributions.
How can I claim?
HMRC will provide full details about claiming and applications in guidance on www.gov.uk in due course.
No Advice
The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.
Information
The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.
Expert insight and news straight
to your inbox
Related Articles
New Companies House powers
The recently introduced Economic Crime and Transparency Act has gifted Companies House a range of new powers aimed at reducing exploitation by corporate entities to pursue illegal enterprise.
The aim of the new reforms are:
Introducing identity
Cyber protection laws introduced
New consumer protections against hacking and cyber-attacks came into force at the end of April 2024. All internet connected smart devices will be required by law to meet minimum-security standards.
Manufacturers will be legally required to protect
Tax Diary June/July 2024
1 June 2024 - Due date for corporation tax due for the year ended 31 August 2023.
19 June 2024 - PAYE and NIC deductions due for month ended 5 June 2024. (If you pay your tax electronically the due date is 22 June 2024).
19 June 2024 - Filing
Share this article