Further extension to the SEISS
To help self-employed individuals who continue to be affected by the COVID-19 pandemic, the Self-Employment Income Support Scheme (SEISS) has been extended for a further six months, from November 2020 to April 2021.
Grants payable under the extended scheme
The further extension to the SEISS will provide two taxable grants for the self-employed. Availability of the grants is limited to those who meet the eligibility conditions for the scheme and who are actively continuing to trade, but are facing reduced demand as a result of COVID-19.
The first grant covers the three-month period from 1 November 2020 to 31 January 2021. It will be based on 40% (rather than 20%, as originally announced) of average monthly profits for a period of three months, capped at £3,750 in total.
The second grant will cover the three-month period from 1 February 2020 to 30 April 2021. The level of the second grant has yet to be set.
As with the earlier grants, any grant that you receive under the extended scheme is taxable and subject to National Insurance.
HMRC are to provide details in due course on claiming the grants.
Talk to us
Contact us to find out whether you are eligible for a grant under the extended SEISS scheme: Pi Accountancy | Expert Business Advice | Gloucester & Swindon (pi-accountancy.co.uk)