HMRC have announced an extension to the SEISS scheme for Self Employed, the details are below, please also find the latest NASP bulletin on the PCS examiners ballot here NASP commnt on PCS ballot 240920 (002).
Self-Employment Income Support Scheme grant extension
HMRC Have announced the extension of the SEISS Scheme, the grant extension is for self-employed individuals who are currently eligible for the Self-Employment Income Support Scheme and are actively continuing to trade, but are facing reduced demand due to coronavirus (COVID-19).
To be eligible for the grant extension self-employed individuals, including members of partnerships, must:
currently be eligible for the Self-Employment Income Support Scheme (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 reduced demand due to coronavirus in the qualifying period (the qualifying period for the grant extension 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. 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. HMRC will provide a taxable grant covering 20 per cent of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £1,875 in total.
HMRC are providing broadly the same level of support for the self-employed as is being provided for employees through the Job Support scheme.
The second grant will cover a three-month period from the start of February until the end of April. HMRC will review the level of the second grant and set this in due course.
The grants are subject to Income Tax and National Insurance Contributions.
HMRC will provide full details about claiming and applications in guidance on GOV.UK in due course
Please let us know if you have any questions or require any assistance.