The Chancellor has announced that he is extending the Self-Employment Income Support Scheme (SEISS) by a further, and final, three months at a reduced rate of 70% of average monthly trading profits.
The scheme was introduced in March 2020 as part of the government's initial package of support for business during the Coronavirus pandemic. It initially ran for three months to cover profits lost by the self-employed during March to May 2020. Under this first round of taxable grant funding, businesses could claim the lower of:
- £7,500 and
- 80% of average monthly profits over the three years 2016/17, 2017/18 and 2018/19.
Under the second and final round, intended to cover June, July and August, claims are to be reduced to the lower of £6,570 and 70% of average monthly profits.
All other details of the scheme remain the same although further guidance is promised on 12 June.
- Claims for the first period must be made by 13 July 2020, with claims for the second three-month period being available in August.
- You do not need to have made a claim for the first period to be able to make a claim for the second grant, but as with the first, your business must have been adversely affected by Coronavirus.
Links
COVID-19: Government support tracker
This tracker covers measures announced by the government to support individuals and businesses, as we get through COVID-19.
COVID-19: Self-Employment Income Support Scheme (SEISS)
COVID-19: Support for the self-employed during the coronavirus crisis, HMRC's claims portal is now open.