Self-Employment Income Support Scheme Grant Extension

The extension will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period.

The first grant will cover a three-month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant covering 40% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £3,750 in total.

The second grant will cover a three-month period from 1 February 2021 until 30 April 2021. The Government will review the level of the second grant and set this in due course.

The grants are taxable income and also subject to National Insurance contributions.

You can claim if :

  • 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 you 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

HMRC will provide full details about claiming and applications in guidance on GOV.UK in due course.You can read the HMRC full details here

, , , ,

Related Posts

Very Important if you receive the SEISS funding

If you receive funding under the Self Employment Support Income Support Scheme ( SEISS) please read this You must keep a copy of all records in line with normal self-employment record keeping requirements, including: the amount claimed the claim reference number…