On Monday 17th August self-employed individuals will be able to begin submitting their claim for the second payment from the Self Employed Income Support Scheme (SEISS). A claim can be made regardless of whether the first instalment was applied for.
To assist you further we have highlighted the key information from the scheme to be aware of below. For further information or assistance in completing your application please click here to get in touch with us.
SEISS Key Information:
- The claim portal will be open on 17th August and will close on 19th October 2020.
- The claim will now be based upon 70% of average profits up to £6570 calculated on a 3 month period.
- The grant is taxable and should be reflected in the accounting period that you receive the grant within.
- The criteria is the same as the first grant.
- Proof that your business has been ‘adversely affected’ by COVID-19 must be evidenced.
- You must make the claim rather than us making it on your behalf (we can assist you however).
With the exception of those self-employed who are caught by the loan charge or who were impacted due to parental leave or military reservists (in some cases).
a) Your ‘trading profits’ must be no more than £50,000 and equal to, or more than, half of your ‘total income’ for either:
- The 2018/19 tax year
- The average of the tax years 2016/17, 2017/18 and 2018/19.
- Or if your business did not trade in the 2016/17 tax year, the average of the tax years 2017/18 and 2018/19.
b) The business must have been trading pre 2019/20 tax year.
c) The business must be continuing to trade or would be but for the coronavirus.
d) The business must be intending to trade in the 2020/21 tax year.
There is more information available surrounding the Self Employed Income Support Scheme, including how to successfully submit your application.
Should you wish to discuss any of this further please click here to get in contact with one of our experienced accountants, who advise you whether or not you qualify and if you do how best to submit your application.