Second grant to help the self-employed during Covid-19
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.