19 August 2020
Self-Employment Income Support Grant
The second and final HMRC Self-Employment Income Support Scheme Grant (SEISS) opened for claims on 17 August 2020. The eligibility criteria will remain the same, therefore, any individual eligible for the first SEISS grant can claim, as long as their business has been adversely affected since 14 July 2020.
Level of Grant
The second taxable grant is worth 70% of average monthly trading profits, a reduction from the 80% available under the first grant and is capped at £6,570.
There is no minimum threshold over which a business’s income, costs or activity need to have changed by. However, you will be asked to keep appropriate records as evidence of how your business has been affected. This typically means that your business has experienced lower income and/or higher costs as a result of the COVID-19 disruption since 14 July 2020.
All of the following must also apply:
- You traded in the tax year 2019-2020
- Self-Assessment tax return was submitted on or before 23 April 2020
- Intention to continue to trade in the tax year 2020-2021
You cannot claim the grant if you trade through a limited company or a trust.
Submitting a claim
More information on the grant scheme, application process and eligibility criteria can be found here. Deadline for all applications is 19 October 2020 and should be submitted online with HMRC. For further information and assistance on your eligibility, please do not hesitate to contact us.