CKLG BLOG
Second grant to help the self-employed during Covid-19
04.08.2020
Business
Self-Employment Income Support Scheme (SEISS) – Second grant to help self-employed business owners affected by Covid-19
As we take steps to ease out of lockdown, COVID-19 continues to have a large impact on many businesses. However, there is good news for some individuals who run their own businesses in the form of a potential second grant under the Self-Employment Income Support Scheme (SEISS).
Under the first round of SEISS grants, qualifying individuals could make a claim up to 13 July 2020. The grant was based on 80% of average profits (over the previous three tax years) up to a maximum of £2,500 per month for three months.
The second grant will equate to 70% of average monthly trading profits, up to a maximum of £2,190 per month for three months. As before, the grant will count as taxable income in the 2020/21 tax year.
Applications for the second round of grants are due to open on 17 August 2020. If HMRC believe you are eligible, they will contact you directly.
There are various conditions that must be met to qualify for this second grant. These include the fact that the business must have been adversely affected by COVID-19 on or after 14 July 2020. HMRC has advised that it will issue penalties if incorrect claims are made.
As always, be wary of fraudsters pretending to be HMRC and requesting your bank account details. HMRC will only ask you to access the SEISS through GOV.UK.
For the latest details, visit the HMRC website
CKLG’s friendly team are on hand to offer help and advice. If you would like to discuss the SEISS, please contact us on 01223 810100.
PAST POSTS
05.05.2022
21.04.2022
11.04.2022
07.04.2022
07.04.2022
31.03.2022
03.03.2022
03.02.2022
23.11.2021
22.11.2021
04.10.2021
28.07.2021
17.05.2021
09.04.2021
06.04.2021
23.03.2021
22.01.2021
12.11.2020
12.11.2020
04.11.2020
07.10.2020
17.09.2020
03.09.2020
16.07.2020
07.02.2020
26.06.2019
13.06.2019
08.05.2019
21.03.2019
04.03.2019
28.02.2019
21.01.2019
17.01.2019