Increased Support for Self-Employed

The Government has announced that it is increasing support for the self-employed across the UK.  In addition the grants will be paid earlier than previously planned.

The third instalment of the Self-employment Income Support Scheme (SEISS) grant will now be calculated as a total of 55% of average trading profits for 2018/2019 instead of 40%. (This is based on 80% of the average profits for November and 40% for December and January).  The maximum grant will now be £5,160.

The claims portal will open at the end of November rather than in the middle of December.

The changes have been made to ensure that self-employed people, who temporarily cannot carry or their business or who have suffered reduced demand due to the outbreak, are supported over the winter.

To be eligible for the grant extension self-employed individuals, including members of partnerships, must:

• have been previously eligible for the SEISS first and second grants (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

The information in this blog provides only an overview of HMRC guidance and legislation in force at the date of publication and no action should be taken without consulting the detailed HMRC guidance and legislation or seeking professional advice.  Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this blog can be accepted by the firm.

Photo by Matt Seymour on Unsplash