The Self-Employment Income Support Scheme (SEISS) was part of the package of measures from the Government to support businesses through the Covid-19 pandemic. If you haven’t yet made a claim for the second grant and you are eligible, please make sure you do so by 19 October 2020 or risk losing out.
Key details about the grant are as follows:
- The eligibility criteria is the same for both the first and second grants - however, to claim the second grant, you must be able to demonstrate that you have been adversely affected by coronavirus since 14 July 2020
- You will need to confirm in the second grant application that your business has been adversely affected by coronavirus
- The grant is based on 70% of your average monthly trading profits, capped at £6,570 in total.
- The grant will be paid to you in one instalment
- The grant is not repayable but is subject to income tax and national insurance
- The grant must be reported on your 2020/21 tax return
- You can claim for the second grant even if you didn’t claim the first one
- If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work or duties as an armed forces reservist.
The second grant can be claimed in the same way as the first. You will need your Government Gateway user ID and password and your UK bank details.
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How to claim
You can check your eligibility for the scheme and make a claim via the Government website.
As always, if you need any further guidance on this or any of the other support measures available to businesses affected by the coronavirus pandemic, please contact your usual Moore adviser.