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.
- 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.
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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.