SEISS grant improvements
Not only has the Self-Employment Income Support Scheme (SEISS) been extended, but the maximum grant is increasing too. This is good news for those of you who are self-employed and seeking income support.
The government’s latest announcement on 22 October revealed the amount of profit covered by the forthcoming grants is increasing from 20% to 40%.
This means the maximum grant will increase from £1,875 to £3750.
Who can claim the SEISS grant?
Anyone who is self-employed and wishes to claim must:
- Be actively trading but remain impacted by reduced demand due to Covid 19 OR
- Have temporarily ceased trading due to Covid 19
- Have been eligible for the previous SEISS first and second grant (although they do not have to have claimed the previous grants)
What does the SEISS grant cover?
The grant extension will last for six months and covers the period from November 2021 to April 2021.
The government will provide two taxable SEISS grants to support those experiencing reduced demand due to COVID-19 but are continuing to trade, or temporarily cannot trade.
Grants will be paid in two lump sum instalments each covering 3 months.
The first grant will cover a three-month period from the start of November 2020 until the end of January 2021.
The government will pay a taxable grant which is calculated based on 40% of three months’ average trading profits, paid out in a single instalment and capped at £3,750.
The second grant will cover a three-month period from the start of February until the end of April 2021. The government will review the level of the second grant and set this in due course.
How can I claim the grant?
Full details of how to claim will available from HMRC via gov.uk in due course. Keep checking back so you don’t miss out.