We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.
The Self-Employment Income Support Scheme (SEISS) will provide further support to the self-employed over the coming months. The third SEISS grant will be worth 80 percent of average monthly trading profits. Over the three-month period the total grant will be capped at £7,500 and is subject to tax and National Insurance contributions.
Who is eligible for SEISS?
To claim the two grants under the SEISS extension, self-employed individuals or members of partnerships must previously have been eligible for the first two SEISS grants.
To claim the third and fourth grant, an individual does not need to have claimed either of the scheme’s first and second grants.
To claim the next grant, self-employed individuals must declare they intend to continue to trade.
They must also be either currently actively trading, but are impacted by reduced demand due to coronavirus, or were previously trading but are temporarily unable to do so due to coronavirus.
A number of people have been excluded from the Self-Employment Income Support Scheme during the pandemic.
Many self-employed people have had to take out loans as a result, such as with the Government’s Bounce Back Loan Scheme, or claim benefits like Universal Credit.
Liron Smadja, Director of Global Expansion Marketing at Fiverr, said: “The Government’s extension of the SEISS scheme is encouraging for Britain’s army of self-employed entrepreneurs – but there are some serious issues in the way it’s been targeted that must be addressed.
“Many freelancers in our community use self-employed work as a way of topping up their income – but the scheme only recognises those who get more than half of their income from self-employed work.
“This means some of the most enterprising people in the economy, who may have been balancing multiple employer responsibilities, are being left out in the cold.
“The newly self-employed are also struggling – because they are unable to access funding as they don’t have a record of making trading profits.
“We encourage the Government to think carefully about the targeting behind this most welcome intervention, to make sure the funds are getting through to those who need them most.”
Can you claim Universal Credit and SEISS grant? [INSIGHT]
SEISS: Self-employed forced to use £20k of personal savings to survive [ANALYSIS]
SEISS has ‘glaring gaps in support’ as self-employed numbers plummet [REPORT]
When is the next self-employed grant due?
The next SEISS grant will cover three months from November 1, 2020 to January 31, 2021.
HMRC has not yet announced when the next SEISS grant will be paid out.
However, the date to apply for SEISS has now been confirmed.
When can you claim for the third grant?
The online service to apply for the third grant will be available from November 30, 2020.
The Government website states: “HMRC will provide full details about claiming and applications in guidance on GOV.UK in due course.”
The date has been brought forward from the original date of December 14, to allow claimants to be paid earlier than planned due to the second lockdown.
A date for fourth grant applications to open has not been confirmed yet.
Source: Read Full Article