We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.
Earlier this year Chancellor Rishi Sunak introduced financial relief measures to help keep people earning money during the coronavirus crisis, including the Self-Employment Income Support Scheme. People will soon be able to claim for a second grant from the scheme, providing they are eligible for SEISS and they can prove their business has been adversely affected by the pandemic on or after July 14, 2020. The second grant will be the final grant available to claim under the scheme.
Mr Sunak announced a number of changes to the financial support schemes earlier this year.
The furlough and self-employment schemes had initially been introduced from March, and were due to end in June.
However, on May 12 Mr Sunak announced an extension to the furlough scheme, leaving many wondering whether the self-employment scheme would also be extended.
As of the end of May, 2.3 million claims had been made to the self-employment scheme, with grants issued totalling more than £6.8 billion.
Has the Self-Employment Income Support Scheme been extended?
Unlike the Government’s furlough scheme, the Self-Employment Income Support Scheme (SEISS) paid those eligible in one instalment.
The grant initially covered 80 percent of a self-employed person’s monthly trading profits, capped at £7,500 covering a period of three months.
HMRC opened the scheme for applications earlier in May, ahead of schedule, and the first grant covered the months of March, April and May.
Mr Sunak has now announced self-employed people will be able to claim for a second and final grant from August.
The scheme has been extended for applications for the second grant until October 19, 2020.
The grant will be worth slightly less than the first grant, at 70 percent of average monthly trading profits over three months.
The second and final self-employed grant will be capped at a total of £6,570.
SEISS extension: What period does SEISS cover? – ANALYSIS
Flexible furlough scheme: What is flexible furlough? – EXPLAINER
Self-employed grant scheme: Rishi Sunak confirms SEISS extension – INSIGHT
Chancellor Rishi Sunak said of the update: “Our top priority has always been to support people, protect jobs and businesses through this crisis.
“The furlough and self-employment schemes have been a lifeline for millions of people and businesses.
“We stood behind Britain’s businesses and workers as we came into this crisis and we stand behind them as we come through the other side.
“Now, as we begin to re-open our country and kickstart our economy, these schemes will adjust to ensure those who are able to work can do so, while remaining amongst the most generous in the world.”
When can I claim the second Self-Employment Income Support Scheme grant?
Individuals could apply for the first SEISS grant until July 13, and can apply for a second grant in August.
You’ll be able to claim a second and final grant from August 17, 2020, when the online service will be available.
Prior to HMRC opening applications for the first grant under the scheme, people who were eligible were contacted in advance and given a date to apply.
There is not currently an online service available to accept applications for the second grant.
Source: Read Full Article