Further extension of the Self Employment Income Support Scheme Grant for the self-employed and partners of Partnerships during the Corona Virus outbreak (Covid-19)
Government have announced a further extension of the grant for the self-employed and partners of partnerships under the Self Employment Income Support Scheme (“SEISS”) in the form of two further grants, each available for three months periods covering November 2020 to January 2021 and February 2021 to April 2021.
Who can apply
To be eligible for the Grant Extension self-employed individuals, including members of partnerships, must:
Have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants);
Declare that they intend to continue to trade and either:
Are currently actively trading but are impacted by reduced demand due to coronavirus.
were previously trading but are temporarily unable to do so due to coronavirus.
What the Grant Extension covers
The extension will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period.
The first grant will cover a three-month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant covering 40% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £3,750 in total.
The Government are providing broadly the same level of support for the self-employed as is being provided for employees through the Job Support scheme.
The second grant will cover a three-month period from 1 February 2021 until 30 April 2021. The Government will review the level of the second grant and set this in due course.
The grants are taxable income and also subject to National Insurance contributions.
How to apply
Government have not yet released the details and we will provide an update as soon as guidance is released.
How we can help
We could help by:
Checking your eligibility;
Calculate the amount of the grant that you might be eligible for;
Establish the date from which you could make a claim; and
Prepare and file a claim on your behalf so that the grant is paid directly into your bank account.
Finally, should you wish to talk through the above, please do not hesitate to contact us on 0208 191 9867 or enquiries@alexandrwalker.com