Self Employment Income Support Scheme (SEISS) - New deadline announced
The UK government’s Self Employment Income Support Scheme has been extended
but, self-employed workers need to take note of an important deadline in order to take advantage of the grant.
The scheme, also known as SEISS, was put into place by the government to support those effected by the COVID-19. It opened in mid-March, assisting those who are not in PAYE employment.
When is the new deadline to apply? The scheme will be extended on 29th May 2020, and applicants still had time to apply for this grant, but those eligible to apply must do so by July 13th 2020.
However, there are some changes to the grant the second time around:
Individuals can continue to apply for the first SEISS grant until 13 July. Under the first grant, eligible individuals can claim a taxable grant worth 80% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £7,500 in total. Those eligible have the money paid into their bank account within six working days of completing a claim.
Applications for the second grant will open in August. Individuals will be able to claim a second taxable grant worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total.
The eligibility criteria are the same for both grants, and individuals will need to confirm that their business has been adversely affected by coronavirus. An individual does not need to have claimed the first grant to receive the second grant: for example, they may only have been adversely affected by COVID-19 in this later phase.