Self-employment Income Support Scheme

The second stage of the Self Employment Income Support Scheme (SEISS) opened for applications on 17 August 2020. The government scheme allows self employed people to claim a taxable grant worth up to £6,570.

Those eligible will now be able to receive a second and final grant worth 70% of their average monthly trading profits, with the money set to land in their bank accounts within six working days of making a claim.

Anyone whose self-employed business has been adversely affected by coronavirus since 14 July is eligible for the scheme.

HMRC will contact all potentially eligible customers to advise them that they can claim for a second and final SEISS grant.

The eligibility criteria remains the same as for the first grant, with people needing to have had trading profits of no more than £50,000, making up at least half of their total income.

Over 2.7 million benefited from the first stage of the SEISS – with the government handing out £7.8 billion of grants to help them through the crisis.

To qualify you must:

  • have submitted your Income Tax Self Assessment tax return for the tax year 2018-19
  • traded in the tax year 2019-20
  • be trading when you apply, or would be except for COVID-19
  • intend to continue to trade in the tax year 2020-21
  • have lost trading/partnership trading profits due to COVID-19

In addition self-employed people can now access Universal Credit in full. A self-employed person with a non-working partner and two children, living in the social rented sector, can receive welfare support of around £1,800 per month.

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