Second Self-Employment Income Support Scheme Grant Is Now Open For Applications
The Self-Employment Income Support Scheme (SEISS) is designed to help self-employed individuals whose businesses have been adversely affected by COVID-19. The scheme allowed you to claim a first taxable grant which closed on 13 July 2020, and a second and final round opened for applications on 17 August 2020.
If you have been adversely affected by COVID-19 on or after 14 July 2020, you may be eligible to make a claim on the second grant as long as the following applies:
- 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
The grant is worth up to 70% of your trading profits and is paid out in a single installment covering 3 months’ worth of profits, capped at £6,570 in total. It does not need to be repaid but will be subject to Income Tax and self-employed National Insurance.
You can make a claim for the second grant even if you did not make a claim for the first grant, as long as you’re eligible.
To check your eligibility, or apply, you need the following information:
- Self-assessment unique taxpayer reference (UTR)
- National insurance (NI) number
- Government Gateway user ID and password
- UK bank details (only provide bank account details where a BACS payment can be accepted) including bank account number, sort code, name on the account, address linked to your bank account.
Once HMRC have confirmed you are eligible to claim the grant, they will give you a date you can make your claim from. Your tax agent or financial adviser can offer advice but cannot make a claim on your behalf and it must be submitted on or before it closes on 19 October 2020. You can read more about the eligibility for the second and final round, and submit your application, here.
If you would like to discuss your circumstances, or would like advice on your situation, please get in touch with your usual Taxpert or call one of our offices.