The Government have announced that the second and final Self-Employment Income Support Scheme (SEISS), you can make a claim for the second grant if you’re eligible, even if you did not make a claim for the first grant.
What is the SEISS grant?
The second and final taxable grant is worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £6,570 in total.
When does my SEISS application need to be submitted?
If you’re eligible and your business has been adversely affected on or after 14 July 2020, you must make your claim for the second grant on or before 19 October 2020.
What is the eligibility criteria for SEISS?
You can claim a grant if you’re a self-employed individual or a member of a partnership and your business has been adversely affected due to coronavirus.
To make a claim for the second and final grant your business must have been affected on or after 14 July 2020.
All of the following must also apply:
- you traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
- you traded in the tax year 2019 to 2020
- you intend to continue to trade in the tax year 2020 to 2021
You cannot claim the grant if you trade through a limited company or a trust.
If you claim Maternity Allowance this will not affect your eligibility for the grant.
You can check how different circumstances might effect your eligibility here
How to make your SEISS claim
The online service is now available for you to use, you can apply here.
What other financial help is available?
You may be able to claim Universal Credit, but even if the claim is not approved it will affect your tax credits if you claim them, and may affect other benefits. So you should:
- check how tax credits and other benefits affect each other
- find out what to do if you’re already getting benefits
If you make a claim for Universal Credit the grant may affect the amount you get, but will not affect Universal Credit claims for earlier periods.
The government is also providing the following help for the self-employed:
- grants for businesses that pay little or no business rates
- Business Interruption Loan Scheme
- Bounce Back Loan
If you have other employment as a director or employee paid through PAYE your employer may be able to get support using the Coronavirus Job Retention Scheme.
