Applications for SEISS grant two to close on 19 October 2020

16 October 2020

The government confirmed, on 29 May 2020, that a second taxable grant would be available to eligible self-employed individuals under the Self-Employment Income Support Scheme (SEISS). The deadline for submitting claims for the second grant is rapidly approaching, on 19 October 2020, so those intending to use the scheme should be mindful of this.

The second taxable grant is equivalent to 70% of a self-employed individual’s monthly trading profits, and will be paid out in one single lumpsum. This will be to cover three months’ worth of profits and will be capped at a maximum of £6,570. It is available to eligible individuals where their businesses have been negatively impacted by coronavirus either on, or after, 14 July 2020.

Eligibility for the second grant is not reliant on the first grant, so individuals can receive the grant even if they didn’t make a claim for the first one, however, the eligibility for the second grant remains unchanged from the first.

It was announced, within the Winter Economy Plan, delivered by Rishi Sunak, that there would also be an additional two grants provided to those currently eligible for the SEISS, who are continuing to trade but are dealing with reduced demand due to COVID-19. The third grant will cover the period from November 2020 – January 2021 and will be paid in one single instalment equivalent to 20% of average monthly trading profits, capped at a total of £1,875. The fourth grant will relate to February 2021 – April 2021 but HMRC has confirmed that it will review the level of this grant and provide further detail in due course.

Individuals can claim for the second grant online here.

 


 

 

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