Published Thursday, July 23, 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 introduced the Self-Employment Income Support Scheme (SEISS).
The Scheme has paid taxable grants worth 80% of someone’s average monthly trading profit, for a three-month period, worth up to £7,500 in total. On 30 April, the Government published the Treasury Direction to HM Revenue & Customs, the statutory guidelines for HMRC to administer the SEISS. The Scheme was opened for applications on 13 May, and closed on 13 July.
On 29 May the Government announced a second round of the SEISS, with those eligible able to claim a second and final grant, worth 70% of their average monthly trading profit, for a further three months, capped at £6,570 in total. On 2 July a second Treasury Direction was published to this effect. Businesses will be entitled to make a claim from 17 August. The closing date for the second round is 19 October 2020.
HMRC have updated their detailed guidance on the SEISS. This says:
HMRC will work out if you’re eligible and how much grant you may get. But you can follow these steps to help you understand how we will do this and what you can do now.
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, 16 July 2020
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