UPDATE: Self Employed Income Support Scheme (SEISS)

1st June 2020

A second grant will be made available for this scheme in August 2020.

To recap, the scheme allows eligible individuals to claim a taxable grant, which is worth up to 80% of their average monthly trading profits (capped at £2,500 pcm). This was to cover three months’ worth of profits to the end of May 2020, resulting in payments received of up to £7,500.

The second grant will allow eligible individuals to claim a taxable grant worth 70% of their average monthly trading profits. This will cover the three-month period to August 2020 and will be paid over in a single instalment. The payment is capped at £6,570 for the three months.

As with the previous grant, an individual will need to demonstrate Covid 19 has adversely affected their business.

It is important to note an individual who did not make a claim under the first grant can still apply for the second grant. This may be because they have only been adversely affected by Covid-19 in this later stage.

More details are expected to be published in mid-June.

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