The Self-Employment Income Support Scheme (SEISS) currently allows you to claim a taxable grant worth 80% of your average monthly trading profits. This is paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total.
Individuals eligible for the first SEISS grant must submit their first claim by 13 July 2020.
You can claim for the SEISS if you are a self-employed individual or a member of a partnership and all of the following apply:
- You are carrying on a trade that has been adversely affected by Coronavirus;
- Traded in the tax year 2018-2019 and submitted a Self-Assessment tax return on or before 23 April 2020 for that year;
- Traded in the tax year 2019-2020;
- Intended to continue to trade in the tax year 2020-2021;
- Have trading profits of less than £50,000 and more than half of your total income comes from self-employment. This can be with reference to at least one of the following conditions:
- Trading profits and total income in 2018-19
- Average trading profits and total income across up to the three years between 2016-17, 2017-18, and 2018-19.
Click here to check your eligibility and make a claim. You will need:
- Self Assessment Unique Taxpayer Reference (UTR)
- National Insurance number –
- Government Gateway user ID and password – if you do not have a user ID, you can create one when you make your claim
- UK bank details (only provide bank account details where a Bacs payment can be accepted) including:
- bank account number
- sort code
- name on the account
- your address linked to your bank account
The scheme is not available to people working through their own limited companies.
Second SEISS Grant
This scheme is being extended until 19 October 2020. You will be able to claim a second and final grant from 17 August 2020 when the online service will be available. HMRC will work out your eligibility the same way as the first grant. If you make a claim for the second grant you will have to confirm your business has been adversely affected on or after 14 July 2020.
This grant will be a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits, and capped at £6,570 in total. You can claim for the second grant even if you did not make a claim for the first grant.
The online service for the second and final grant is not available yet.
If you have any questions drop us an e-mail or give us a call on 01332 292022.