An extension to the Self Employment Income Support Scheme (SEISS) has been announced, to offer those who are self employed and are still being adversely affected by Coronavirus, a similar level of support as the Job Support Scheme.
Only limited details are currently available with further guidance being released soon.
The details we know so far are*:
- There will be two additional grants covering 6 months in total – the first covering November 2020 to January 2021 and the second covering February 2021 to April 2021.
- The eligibility criteria will remain the same as the first two SEISS grants, so unfortunately the grant extensions will not be available to those who began trading on or after 6 April 2019.
- However, you do not need to have claimed the first two grants in order to claim either of the grant extensions.
- If you do meet the eligibility criteria, then you will be able to claim the first extension grant if you are adversely affected by Coronavirus between 1 November 2020 and the end of January 2021.
- The first extension grant will cover 20% of three months average trading profits up to a maximum of £1,875.
- The amount of the second extension grant will be reviewed by the government and set out in future.
- The grant will not need to be repaid but will be liable to income tax and Class 4 national insurance and will need to be included on your 2020/21 tax return.
As a reminder, applications for the current second SEISS grant for those who are adversely affected on or after 14 July 2020 will need to be made before the closing date of 19 October 2020.
If you do have any queries in relation to the SEISS grants then please do get in touch with your usual contact at Albert Goodman who will be able to assist you.
*Information correct at the time of writing on 28 September 2020.