Self-Employment Income Support Scheme

We bring you news of an increase to the Self-Employment Income Support Scheme (SEISS)

The UK Government have increased the number of profits covered by the two forthcoming self-employed grants from 20% to 40%, meaning the maximum grant will increase from £1,875 to £3,750.

In summary:

• The government will provide two taxable SEISS grants to support those experiencing reduced demand due to Covid-19, but are continuing to trade or temporarily cannot trade.
• It will be available to anyone who was previously eligible for SEISS grants 1 and 2 and meets the eligibility criteria.
• Grants will be paid in two lump-sum instalments each covering three months. The first grant will cover a three-month period from the start of November 2020 to the end of January 2021. The government will pay a taxable grant which is based on 40% of three months’ average trading profits, paid out in a single instalment and capped at £3,750.
• The second grant will cover a three-month period from the start of February to the end of April 2021. The government will review the level of the second grant and set this in due course.

Click on this link for further information.

We hope you found this Self-Employed Income Support Scheme update useful. For more of our articles informing you about business and general updates on Covid-19, please click here.