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SEISS – claims deadline 19 October 2020

The deadline for making a claim under the second round of the Self-Employment Income Support Scheme (SEISS) is 19 October 2020. The second grant covers the quarter to 31 August 2020. This grant will provide up to £6,570 for the quarter (£2,190 per month) paid in a single instalment. These figures are based on 70% of eligible earnings (previous quarter 80%). Claims for the first grant have now been closed.

The following are some of the most important eligibility criteria for the scheme:

  • The applicant must have been adversely affected by coronavirus on or after 14 July 2020.
  • Applicants must be self-employed or a member of a trading partnership, voluntary work, or duties as an armed forces reservist.
  • Have filed a tax return for 2018-19.
  • Have traded in 2019-20; be currently trading at the point of application (or would be except for COVID-19) and intend to continue to trade in the tax year 2020-21,
  • Have trading profits of less than £50,000 and more than half of total income from self-employment.
  • Individuals can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist.

It is possible for a qualifying self-employed person to qualify and claim for the second grant even if they had not claimed / qualified for the first grant. Claims are usually paid within six working days of submission.

The scheme in its current form has now ended but a SEISS extension will apply for 6 months from 1 November 2020 with an initial taxable grant made available to those who continue to trade and are currently eligible for the SEISS. The initial lump sum will cover three months of profits from 1 November 2020 calculated as 20% of average monthly profits, up to a total of £1,875. An additional second grant will be available to qualifying applicants from 1 February 2021 to 30 April 2021.

Source: HM Revenue & Customs Wed, 07 Oct 2020 00:00:00 +0100

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BBC
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PRACTICE INDEX
SIMCOMM ACADEMY

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