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Latest on Self Employment Income Support Scheme
| Author: Duncan Mitchell | Published: 3rd September 2020 08:39 |
Duncan Mitchell of CED Accountancy Services in Towcester bring us uptodate with latest on help for the self employed.
CED Accountancy Services in Towcester bring us uptodate with latest on help for the self employed.
The Self-Employment Income Support Scheme (SEISS) – the Government grant to self-employed individuals whose businesses have been adversely affected by coronavirus – is made up of two grants.
The first grant closed on 13 July 2020, but the second and final grant opened for applications on 17 August 2020.
Here are some relevant summary points:
- The last date to apply is 19 October 2020.
- It's worth up to 70% of your average monthly trading profits over the tax years ending in 2017, 2018 and 2019 . It's paid in a single instalment of up to £6,570 (£2,190/mth), and it's designed to cover three months worth of profits.
- You don't need to have claimed the first grant to receive the second grant.
- You need to have been adversely affected by coronavirus on or after 14 July 2020 to claim it.
- You must earn more than 50% of your total income from self-employment.
- Your average trading profit must be less than £50,000/year.
We have summarised the main points without being overly detailed so if you have any queries on the detail, we will do our very best to provide guidance so please contact Cliff, Duncan, Peter, Katie, Nigel, Adam or Paul on 01327 358866, or email us using cliff/duncan/peter/katie/nigel/adam/paul @cedas.co.uk.
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