On 12 June an update was announced on changes to the Self-Employment Income Support Scheme. We wanted to get the information out to you as soon as possible and outline what the updates include, whether you are eligible and how you apply.
This post has been updated to include advice on applications for the second and final grant in August. Click here to scroll to How do I Apply?
About the Scheme
The government are offering a taxable grant to those who are either self-employed or a member of a partnership. Currently, this grant is worth 80% of your average monthly trading profits.
The grant is being given as a single payment which covers 3 months worth of profits but is capped at £7,500.
Can I still work if I am successful?
If you receive the grant you are still allowed to work. You can also start a new trade, take on other employment including voluntary work, or even take on duties as an armed forces reservist.
What are the Changes?
With the scheme extension has come a few changes to the second grant. This will be the last one in the scheme.
This will be another taxable grant, this time worth 70% of your average monthly trading profits. You will still receive the full amount covering 3 months worth of profits in a single payment, but this time the cap will be less at a maximum of £6,570.
Firstly, it is important to note that you can apply for the second grant in the scheme if you did not make a claim for the first one.
Check online today to find out if you are eligible. You will need the following to hand before you get started:
– Self Assessment Unique Taxpayer Reference (UTR) number
– Your National Insurance number
Go to the eligibility checker.
What makes me eligible?
You will be eligible to claim if you’re a self-employed individual or a member of a partnership, but all of the following must apply to 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
– Traded in the tax year 2019 to 2020
– Intend to continue to trade in the tax year 2020 to 2021
– Carry on a trade which has been adversely affected by coronavirus
Examples of how your business could be considered to be adversely affected by coronavirus:
You’re unable to work because you are:
– on sick leave because of coronavirus
– taking on caring responsibilities because of coronavirus
You’ve had to scale down or temporarily stop trading because:
– your supply chain has been interrupted
– you have fewer or no customers or clients
– your staff are unable to come into work
How do I Apply? (UPDATED)
You can no longer apply for the first grant in the scheme. If you wish to make a claim, you will now need to apply for the second grant.
Applications for the second and final grant in the SEISS are open now, as of 17 August 2020.
You will need to go to the official government portal to apply, just scroll until you see How to claim.
You will need the following to apply:
– Self-assessment unique taxpayer reference (UTR)
– National insurance (NI) number
– Government Gateway user ID and password – you can create this when you make your claim if you haven’t already
– UK bank details including:
– Bank account number
– Sort code
– Name on the account
– Address linked to your bank account
We’re here to help
Whyfield are happy to help guide you through this process, although we are not able to apply for the scheme directly on your behalf.
For further coronavirus support options and information, visit our COVID-19 Resource Centre where you will find information on other government grants, our handy cashflow template and more.
See more resources