Update: The Self-Employment Income Support Scheme (SEISS) has been updated on 22 October 2020. Visit our new blog for updated information.
The Chancellor has announced that, applications for the Self-Employment Income Support Scheme is now available for a second and final grant from 17 August 2020, which will pay out another single grant covering three months.
The SEISS – which gives a Government grant to self-employed people or a member of a partnership business whose businesses have been adversely affected by coronavirus is opened for applications for the second grant.
In our previous blog – Self-Employment Income Support Scheme (SEISS) Application Guidance, we have mentioned all the details regarding the scheme where you can learn how the scheme works, what are the eligibility criteria and all the other necessary information regarding the SEISS.
What Are the Changes?
Previously you could claim a taxable grant worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ (March, April and May) worth of profits, and capped at £2,500 per month or £7,500 in total.
The extended version of the SEISS now allows you to claim an additional grant in August, worth up to 70% of your average monthly trading profits, capped at £2,190 per month or up to £6,570 overall. The grant will again be paid out in a single instalment covering 3 months’ worth of profits.
Who Can Apply for the Second Grant?
The eligibility criteria are the same for both grants. Those who were previously eligible for the Self-Employment Income Support Scheme (SEISS) will be able to claim the additional grant from 17 August. If you are eligible then you will have the money paid into your bank account within six working days?of completing a claim.
When Can I Apply for the Second Grant?
If you are eligible for the second and final grant, and your business has been adversely affected on or after 14 July 2020 you will be able to make a claim from 17 August to 19 October 2020. However, you do not need to have claimed the first grant in order to receive the second grant. Have you trusted Accountants in London guide you through the application process.
Highlights On the Scheme:
• The SEISS scheme first took place in March and covered 3 months including March.
• The has already received 2.7m claims during its first round of grants.
• 15,000 payments, which is less than 0.6% of the total, were miscalculated in the first tranche of support.
• Applications for this first payment were closed on 13 July.
• The extension was announced in May.
• On 17th August the application to make the claims became available.
• Anyone with income up to £50,000 according to their 2018-19 tax return.
• If your claim is approved you’ll receive your payment within 6 working days.
• The online service is now available. And you can use HMRC’s new online tool to find out if you’re eligible to make a claim.
• 19 October 2020 is the deadline so you must make your claim for the second grant on or before this date.
Here Is How Taj Accountants Can Assist You:
As your reliable Small Business Accountants in East London, Taj Accountants aims to help you in all areas of your business accounting management and find the most suitable solution for your business, as per your requirements. Our specialized team of accounts are dedicated and always make sure that our clients stay well informed and well advised about the financial matters of their companies. Contact us anytime, contact information is available on our website.
DISCLAIMER: The purpose of the blog is to provide information and insight regarding the situation. The readers must contact experts before making any decisions based on the information. We highly appreciate you to contact Taj Accountants for further assistance.