Chartered Accountants

Self-Employed Income Support Scheme (SEISS)

Self-Employed Income Support Scheme (SEISS)

If you’re self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) you may be able to use this scheme to claim a grant.

The scheme currently allows you to claim a taxable grant worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total. If you’re eligible and your business has been adversely affected you must make your claim for the first grant on or before 13th July 2020.

The scheme has also been extended. If you’re eligible for the second and final grant, and your business has been adversely affected on or after 14th July 2020 you’ll be able to make a claim from 17th August 2020. You can make a claim for the second grant if you’re eligible, even if you did not make a claim for the first grant. This grant will be a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits, and capped at £6,570 in total.

For further details on the scheme, or to check your eligibilty, please see link below. 

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme 

 

 

 

Jon Essam and Co Ltd are a Xero online accounting Certified Advisor

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