New Forest

17/08/2020

Applications open for second phase of self-employed income support

The second and final round of grants under the self-employed income support scheme (SEISS) opened this month, offering a smaller lump sum grant.

From 17 August 2020, self-employed individuals who meet the scheme requirements will be able to access HMRC’s online service and claim up to £6,570 to cover three months’ worth of profits. This lump sum will be worth 70% of their average monthly trading profits, which is 10% less than the previous instalment.

The scheme is available to people who are self-employed or a member of a partnership, who meet the conditions set out by HMRC.

These include having traded in the 2018/19 tax year and submitted a self-assessment tax return either on or before 23 April 2020 for that year, having traded in 2019/20, and intending to continue trading in 2020/21. Individuals making a claim will be required to confirm their business was adversely affected by coronavirus on or after 14 July 2020.

HMRC’s guidance says business owners should not make a claim based on adverse effects they think may happen in the future, but notes that “if your business recovers after you’ve claimed, your eligibility will not be affected”.

To date, 2.4 million self-employed workers have claimed a total of £7 billion on the scheme.

For further information on the Self-Employed Income Support Scheme (SEISS), please contact Helen Spalding on 023 8046 1234.

Latest Tweets

Class 2 NICs are currently paid by self employed earners, however certain business property owners are also liable to pay contributions http://ow.ly/bw0750BF6hS

For children born from September 2020 the Government provided vouchers for a tax free account, which can be accessed once they reach the age of 18! More information is available here http://ow.ly/BkbV50BjQqt

Let’s Talk

Why not arrange a FREE consultation and find out what we can do for your business.