Factsheet on the extended SEISS published
25 September 2020
In addition to the announcement of the Job Support Scheme (JSS), Rishi Sunak also announced that extended support would be available to the self-employed.
In recognition of the impact COVID-19 has had on the self-employed, the Self-Employed Income Support Scheme (SEISS) provides financial support to those effected during this troublesome period, therefore the extension of the SEISS is welcomed.
The extended support will be limited to those already eligible for the SEISS scheme and are actively continuing to trade but are facing reduced demands due to COVID-19.
To be eligible to the scheme, all self-employed individuals, including members of partnerships, must meet the below criteria:
- Currently be eligible for the SEISS (although they do not have to have claimed the previous grants)
- Declare that they are currently actively trading and intend to continue to trade
- Declare that they are impacted by decreased demand due to COVID-19 in the qualifying period. The qualifying period for the first grant is between 1 November and the date of claim
The extension will provide two grants and will last for six months, from November 2020 to April 2021. As with the previous SEISS grants, the extended grants will be paid in two lump sum instalments, each covering a three-month period. The first grant will cover a three-month period from the start of November until the end of January. The taxable grant will cover 20% of the average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and will be capped at £1,875 in total.
The second grant will then cover a three-month period from the start of February until the end of April, however there are no details as yet as to how much this will be, the level of the second grant will be set in due course.
HMRC has advised that they will provide full details about claiming and applications in guidance on gov.uk in due course. As with the factsheet produced for the JSS, HMRC has also produced a basic factsheet on the extended SEISS.
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