Further extension to the Self-Employment Income Support Scheme
06 November 2020
It has been confirmed that, in recognition of the prolonged impact that coronavirus is having, the level of support offered under the Self-Employment Income Support Scheme (SEISS) will be increased.
It was initially announced that the level of the grant for November 2020 would be increased to 80% of average trading profits, but that the level of support for December 2020 and January 2021 would remain at 40%, equating to 55% of average trading profits across the three-month period.
Rishi Sunak then announced, on 5 November 2020, that for November 2020, December 2020 and January 2021, the Government will instead pay 80% of average trading profits across all three months, up to a cap of £7,500, to be paid out in one single instalment for eligible self-employed individuals.
Self-employed individuals, including members of partnerships will be eligible for the grant extension, if they were previously eligible for the first and second SEISS grants (although there is no requirement for them to have actually claimed the previous grants). They must also confirm that they intend to continue to trade and are either currently actively trading but seeing a reduced demand due to coronavirus or were previously trading but can no longer do so because of coronavirus.
The information in this article is accurate at the time of publication. For all the latest information, news and resources on how the COVID-19 pandemic is affecting payroll professions, visit our Coronavirus hub.