Claiming the Self-Employed Income Support for first time?Source: HM Revenue & Customs | | 19/11/2020
The Government has confirmed that the Self-Employed Income Support Scheme (SEISS) grant extension will apply for 6 months from 1 November 2020. It will be possible to claim the SEISS grant extension even if no previous claim had been made under the scheme once the eligibility criteria are met.
The self-employed will receive 80% of qualifying average trading profits for the first claim under the extended scheme - November, December and January. This will mean a maximum grant for the three months of £7,500 made available to those who meet the eligibility requirements. The claim window for applying for the grant will open on 30 November 2020.
To be eligible for the scheme, self-employed individuals, including members of partnerships, must meet the following criteria:
- have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)
- declare that they intend to continue to trade and either are currently actively trading but are impacted by reduced demand due to coronavirus or were previously trading but are temporarily unable to do so due to coronavirus.
This level of support is based on similar terms and conditions to the support offered to employees. An additional second grant will be made available from 1 February 2021 to 30 April 2021. The level of this second grant amount is subject to review and will be set in due course. The grants are taxable income and also subject to National Insurance contributions.