Additional support now available for the self-employed
The applications for the second stage of the Self Employment Income Support Scheme (SEISS) opened on the 17th August 2020. The first stage of the scheme saw 2.7 million self-employed people received a total of £7.8 billion from the scheme. Self-employed workers that are now eligible for the second grant will receive 70% of their average monthly trading profits up to a maximum of £6,570.
Eligibility criteria is the same for the second grant as it was for the first if your business has been adversely affected since the 14th July 2020 as a result of the virus:
- The individual must have traded during the year ended 5 April 2019 and submitted their tax return for that year by 23 April 2020, and;
- They must also have traded during the year ended 5 April 2020, and;
- They must also intend to continue trading during the year ended 5 April 2021, and;
- Their trade must have been negatively affected by Coronavirus, and;
- Their trading profits must not have exceeded £50,000 and must have made up more than 50% of their total income for either the year ended 5 April 2019 or for an average of the 3 tax years ended 5 April 2019.
HMRC have said that they will contact anyone who they think is potentially eligible for the grant. Additionally, you can still claim the second grant even if you did not claim the first, as long as your business has been adversely affected since 14 July 2020 by Coronavirus.
Find more information here: https://www.gov.uk/government/news/million-of-self-employed-to-benefit-from-second-stage-of-support-scheme
How can we help?
At Hawsons we have a dedicated team of highly qualified and experienced tax specialists who offer personal and corporate tax advice from our offices in Sheffield, Doncaster, and Northampton and we are here to support our clients throughout these difficult times.
If you would like to discuss your SEISS claim, please get in touch with your usual Hawsons contact who will be happy to help you.
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