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