UK Government Increases Self-Employed Income Support

The Chancellor, Rishi Sunak, announced today that the UK Government will further Increase the third Self-employed Income Support (SEISS) grant.

The third grant will cover November 2020 to January 2021 and will be increased from 55% to 80% of 3 months’ average trading profits for 2018/2019.  The grant will be paid in a single instalment and capped at £7,500.

The claims portal for the third SEISS grant will open on 30 November 2020.

This provides equivalent support to the self-employed as the UK Government is giving to employees via the Coronavirus Job Retention Scheme.  

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 or were previously trading but are temporarily unable to do so due to coronavirus

A fourth SEISS grant will be made in due course to cover February 2020 to April 2020. The level of this grant has not yet been announced.

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 Ewien van Bergeijk – Kwant on Unsplash