Published Thursday, July 09, 2020 Antony Seely, David Hirst
To support the self-employed through the coronavirus outbreak the Government has introduced the Self-employment Income Support Scheme (SEISS).
To support the self-employed through the coronavirus outbreak the Government has introduced the Self-Employment Income Support Scheme (SEISS). The Scheme pays taxable grants worth 80% of someone’s average monthly trading profit, up to £2,500 per month over a three-month period starting from March 2020.
The Office for National Statistics (ONS) estimates that just over 5 million people (15% of the UK workforce) are self-employed. The Government says the SEISS will cover 95% of people who get the majority of their earnings from self-employment. The Institute for Fiscal Studies (IFS) estimates that just 62% of all self-employed individuals will be covered.
On 30 April, the Government published the Treasury Direction to HMRC, the formal legislative guidelines for the SEISS, and the Scheme was opened for applications on 13 May.
HMRC have updated their detailed guidance on the SEISS. This says:
On 29 May, the Government announced the Scheme would be extended, with those eligible able to claim a second and final grant capped at £6,570.[2]
As with other aspects of the Covid-19 pandemic and the Government’s response to it, this is a fast-moving area and the paper should be read as correct at the time of publication. Similarly, as with other Commons Briefing papers, this information is provided to Members of Parliament in support of their parliamentary duties and is not intended to address the specific circumstances of any particular individual. A suitably qualified professional should be consulted if specific advice or information is required.
Notes :
[1] HMRC, Check if you can claim a grant through the Self-Employment Income Support Scheme, 2 July 2020
[2] HM Treasury published a second Treasury Direction on 2 July to extend the Scheme.
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