On 29th May, The Chancellor, Rishi Sunak, announced that the Self Employment Income Support Scheme (SEISS) has been extended to allow all self-employed workers in the UK to claim a second grant covering an additional three months profit.
Unlike the first grant, this time it will be restricted to 70% of the average monthly trading profits based on the previous 3 years’ self-employed income, covering the financial years 2016/17 to 2018/19. If your average annual self-employed profits are in excess of £50,000 or your average self-employed income is less than 50% of your total income, you will not be eligible able to make a claim.
The new and final claim can be made from 17th August 2020.
The conditions for a claim have not changed. To be eligible you have to be a self-employed individual or a member of a partnership and all of the following must apply:
Examples of your business being adversely affected by coronavirus could be:
Assuming these criteria are met, there are further financial conditions – the individual’s trading profits for 2018/19 must be less than £50,000 and more than 50% of their total income. If this condition is not met then a three year average across the tax years 2016/17 to 2018/19 can be considered instead, but still must be less than £50,000 and more than 50% of their average total income.
For more information about how to apply click here.