3 Month Extension for Self-Employment Income Support Scheme (SEISS)
Eligible self-employed people whose trade continues to be, or is newly, adversely affected by Covid-19 will be able to claim a second and final SEISS grant some time from August. This will be a taxable grant worth 70% (previously 80%) of your average monthly trading profits for three months, paid out in a single instalment and capped at £6,570 in total.
The eligibility criteria for the second grant will be the same as for the first grant. If you did not claim the first grant you will still be able to claim this second grant as long as your business has been adversely affected by Covid-19.
If you are eligible for the first SEISS grant and you have not yet made a claim then this must be made no later than 13 July!
As with the first grant, individuals must make the claim themselves. We can offer guidance through the process but you will have to go through the claims process yourself. You do not need to worry about calculating or providing any figures as HMRC already has all of the data necessary and will automatically calculate the amount that you will receive.
Author: Tim Preece FCCA
A former pupil at Lancaster Royal Grammar School, Tim joined Scott & Wilkinson in 1992 as a trainee after completing a degree in Maths and Economics at Leeds University and qualified as an Accountant in 1996. Tim was...
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