The Self Employment Income Support Scheme SEISS Second Grant Opens on 17th August
The self-employment income support scheme (SEISS), the Government grant to self-employed individuals whose businesses have been adversely affected by Coronavirus – is made up of two grants.
The first grant is now closed (it closed on 13 July 2020), but the SEISS second grant will open for applications on 17 August 2020.
Here’s the information that you need:
- You cannot apply before the 17 August
- It is worth 70% of your trading profits and is capped at £2190 a month.
- It is table at a total of £6570.
- As it’s a grant you don’t need to pay it back
- You can claim the second grant, even if you haven’t claimed the first grant, as long as you are eligible
- You need to have been adversely affected by coronavirus on or after 14 July 2020 to claim it.
- Grants are based on your profits over tax years 2016/17, 2017/18 and 2018/19
- You must have filed a tax return for 2018/19
- You must earn 50% of your total income from self-employment
- You average trading profit must be less than £50,000 a year
- You can keep working
- You can also apply for universal credit. But once you start receiving self-employed income support this will be classed as income, so the amount of universal credit you receive will decrease
- HMRC’s published guidance on what it says in being “adversely affected” is:
If you’re unable to work because:
- You’re shielding.
- You’re self-isolating.
- You’re on sick leave because of coronavirus.
- You have caring responsibilities because of coronavirus.
You’ve had to scale down or temporarily stop trading because:
- Your supply chain has been interrupted.
- You have fewer or no customers or clients.
- Your staff are unable to come in to work.
How to apply:
Via official Government claims portal. Before you start, you’ll need your:
- Self-assessment unique taxpayer reference (UTR)
- National insurance (NI)
- 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 the:
- bank account number
- sort code
- name on the account
- address linked to your bank account
IMPORTANT: You must make the claim yourself. Your tax agent or financial adviser must not claim on your behalf as this will trigger a fraud alert.
If you need any help with your application, get in touch.