Second Self-Employment Income Support Scheme
The second Self-Employment Income Support Scheme (SEISS) will open for claims on Monday 17 August 2020. HMRC should by now, have written to all eligible self employed individuals with details of when to make your claim. If you have not received any correspondence from HMRC you can check your eligibility here .All claims should be made by 19 October 2020.
The eligibility criteria for the second grant is exactly the same as the first grant. If you were eligible for the first SEISS grant you will be eligible for the second grant, so long as your business has been adversely affected since 14 July 2020. This typically means that your business has experienced lower income and/or higher costs because of coronavirus (COVID-19) since 14 July.
There is no minimum threshold over which your business’s income, costs or activity need to have changed by, but all self employed individuals are advised to keep appropriate records as evidence of how your business has been adversely affected.
The second SEISS grant is worth 70% of average monthly trading profits over the last 3 tax years; being 2016/17, 2017/18 and 2018/19. This taxable grant will be paid out in a single instalment and will be based on three months’ worth of these averaged trading profits (capped at a maximum of £6,570).
Like the first claim, the quickest and easiest way to make your claim is online, using your Government Gateway Account. If you need help or advice in completing your application contact us here and we will endeavour to make the process as straightforward as possible.
Gildernew & Co. Ltd make every effort to ensure the accuracy of the information herein. However, no reliance should be placed on any of the above without seeking independent professional accountancy, legal and/or financial advice.
Posted on August 16, 2020