Coronavirus: Self Employed Scheme Update June 2020

The government have announced further details on the extension to the SEISS (Self employment Income Support Scheme) scheme for the self employed.

Initially the scheme allowed people to claim 80% of 3 months of their average income from 2016-19, capped at £7,500. This was to cover March – May 2020. The deadline for claims under the first stage of the scheme is 13th July 2020

The government have now announced that a second payment will be claimable in August to cover June, July and August. This will allow people to claim 70% of 3 months of their average income from 2016-19, capped at £6,570. This is expected to be the final payment under the scheme.

To be eligible you would need to:

  • Have traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
  • Have traded in the tax year 2019 to 2020
  • Intend to continue to trade in the tax year 2020 to 2021
  • Have had a trade which has been adversely affected by coronavirus

Your business could be adversely affected by coronavirus if, for example:

  • You’re unable to work because you:
    • are shielding
    • are self-isolating
    • are on sick leave because of coronavirus
    • have caring responsibilities because of coronavirus
  • You’ve had to scale down or temporarily stop trading because:
    • your supply chain has been interrupted
    • you have fewer or no customers or clients
    • your staff are unable to come in to work

Only people who’s self employed income is more than 50% of their total taxable income for the year are eligible.

If any one has any questions please contact us and we will be happy to help.

Please find below a link to the new government website, which has more information

www.gov.uk/coronavirus