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COVID-19 Advice for business - SEISS extension

Article

COVID-19 Advice for business - SEISS extension

29 Sep 2020

1 minute read

Emily Hillier tells us more about the SEISS extension announced in the Winter Economic Plan

COVID-19 Advice for business - SEISS extension - news article image

Last week Rishi Sunak acknowledged the ongoing impact that COVID-19 has had on the self-employed. As a result, the Chancellor has provided more support under the Self Employment Income Support Scheme (SEISS).

The SEISS grant extension will be limited to self- employed individuals and partnerships who are eligible for the SEISS. These individuals will be continuing to trade but are currently facing reduced demand because of COVID-19.

Who is eligible?

  • To be eligible for the scheme, individuals and partnerships must meet the following criteria:Currently be eligible for the SEISS (you do not need to have claimed the SEISS previously)
  • Confirm that they are continuing to trade and intend to in the future
  • Confirm that they are impacted by reduced to demand, as a result of COVID-19 in the qualifying period (between the 1st of November and the date of claim).

What does the extension cover?

  • Two grants will be provided and will last for six months, from November 2020 to April 2021
  • The Grants will be paid in two lump sum instalments each covering a period of three months, from the start of November until the end of January
  • A taxable grant will be provided by the government, covering 20% of average trading monthly profits. These monthly profits will be paid out in single instalments covering three months’ worth of profits, capping at £1,875 in total
  • The Job support scheme will now be offering support to the self-employed as well as employees
  • A three-month period from the start of February until the end of April, will be covered by the second grant.
  • The grants are however subject to Income Tax and National Insurance Contributions.

See our guide on how to claim SEISS here.

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Speak to an expert for advice on
+44-1865 292200 or get in touch online to find out how Shaw Gibbs can help you

Email
info@shawgibbs.com

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