The Self-Employment Income Support Scheme (SEISS), introduced earlier this year by Chancellor Rishi Sunak and intended to mirror the Government’s support given to the employed under the furlough scheme, is open as of 1 November
Applications for the first and second rounds of grants have now closed, and it was announced in September that the scheme will be extended to cover November 2020, and April 2021. According to Money Week, applications for the third grant were announced by HMRC to open on 1 November.
The third SEISS grant, and the first under the scheme’s extension, will cover November 2020 to January 2021, while the fourth grant will cover February to April 2021.
The third grant was originally due to be worth 20 per cent of average monthly trading profits and capped at £1,875, but this has revised and is now worth 40 per cent, capped at £3,750 in total for three months.
Receipt of the grant means you can continue to work, start a new trade or take on other employment and it will not have to be repaid, but is taxable and subject to Income Tax and self-employed National Insurance.
The GOV.UK webpage for SEISS states 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 is currently actively trading but are impacted by reduced demand due to coronavirus or had been previously trading but now temporarily unable to do so due to coronavirus.
Self-employed workers who think they are eligible for the third round grants can apply via the government’s online portal at GOV.UK.
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