Self-Employed Income Support Scheme (SEISS) Extension

October 21, 2020

The anticipated support for self-employed individuals was announced by the Chancellor some weeks ago. A further extension has now been announced with a further update promised to be released on 12th June.

To help you we have highlighted the key information below:

Key Information:

  • The Self Employed Income Support Scheme will now remain open to cover a second claim for the months of June, July & August.
  • The individual can make the second claim even if they did not make the first one.
  • Individuals who have not yet made the first claim have until 13th July to do so.
  • The claim portal will be open in August in order to make the second claim, no specific date has been provided yet.
  • The second claim will be based upon 70% not 80%, up to £6750 covering the 3 month period.
  • The grant will be taxable and should be reflected in the accounting period that the grant is received in.
  • The criteria for the second claim remains the same as the first.
  • The individual needs to personally make the claim.

The first round of SEISS payments ran smoothly with individuals having little difficulty in making and receiving monies. It is hoped that round two will follow suit.

If you require any further guidance regarding the SEISS, please click here to get in contact with a member of our team.

Our recent blogs

Benefits of Payroll Services for Small Businesses

July 4, 2019

With limited time available, we understand that running payroll as a small business owner is a task that you seldom have time for. With many of you having to know an increasing amount about all aspects of your business, pressure can soon mount up and time left to do essential work such as payroll is non-existent.

Full Article

Small Business Support Grant

August 19, 2020

Announced a few weeks ago, many businesses are unaware of a grant that they can claim to support their businesses. This grant has been put in place for small to medium size businesses.

Full Article

COVID-19 October Round Up

October 24, 2020

Over the past month as the United Kingdom’s COVID-19 reaction strategy adjusts to tackle the virus once more, how has the support the government are offering businesses changed? In order to help you understand the current support available we have summarised the key information below.

Full Article

HMRC letter to deferred businesses to join Making Tax Digital for VAT

October 7, 2019

There is new legislation from HMRC that has come about, and it means that if you have a taxable turnover that hits above the VAT threshold of £85,000, submitting your returns should be via software. VAT records should also be kept digitally for easier access.

Full Article