The second (and final) grant available under the Self-Employment Income Support Scheme (SEISS) is now available. Claims can be made from 17th August 2020 up until the deadline of 19th October 2020.
Who can claim?
You can apply if you are a self employed individual or a member of a partnership and your business has been adversely affected due to coronavirus on or after 14th July 2020.
All of the following must also apply:
You traded in the tax year 2018/19 and submitted your self-assessment tax return for that year by 23 April 2020
You traded in the tax year 2019/20
You intend to continue to trade in the tax year 2020/21
Your trading profits must be no more than 50% of your total income
Your average trading profit is less than £50,000 per year for the last 3 years
You don’t need to have claimed the first grant and you can keep working if you do claim.
What does adversely affected mean?
Your business may be adversely affected if any of the following apply:
You've had to scale down or temporarily stop trading or incurred additional costs because:
Government orders have meant that your trade or industry had to close, or to be restricted in such a way that it adversely affected the business
You cannot organise your work or workplace to allow your staff to work safely
You cannot serve customers due to social distancing
Restrictions have affected your customers or staff
Your supply chain is interrupted due to shortages of products
One or more of your contracts have been cancelled
You have fewer or no customers or clients
You're unable to work because you:
are on sick leave because of coronavirus
have caring responsibilities because of coronavirus
HMRC provides examples of situations where a business may be affected here.
You should keep records to show that you have been adversely affected to include:
business accounts showing a reduction in turnover or increase in expenditure
confirmation of any coronavirus related business loans received
the dates your business had to close due to lockdown restrictions
the dates you or your staff were unable to work due to coronavirus symptoms, shielding or caring responsibilities
How much can I claim?
The grant will be worth up to 70% of your average monthly trading profits, for a period of three months, capped at a maximum total payment of £6,750. Only tax years 16/17, 17/18 and 18/19 will be taken into account when calculating the amount due.
HMRC will work out the grant amount for you and it will be paid directly into your bank account in one instalment.
As with the first grant, claimants must apply for the grant themselves, accountants and other agents cannot make a claim on their behalf. If you think you qualify for the second SEISS grant, claim here.
If you are unsure whether you qualify or would like some support making your claim, do contact us.