Self-employed Income Support Scheme (SEISS) Increased support announced (updated 5.11.20)
This afternoon, the Government have announced an increase in funding for the Self-Employed effected by Coronavirus.
The next round of SEISS can now be claimed from 30 November 2020, allowing payments to be made 'in good time for Christmas'. The third round of support covers the months November, December and January 2020.
Those eligible for funding will now receive:
80% of November's average trading profits (previously 50%)
80% of December’s average trading profits (previously 40%)
80% of January’s average trading profits (previously 40%)
The total maximum SEISS claim has now increased to £7,500.
SEISS funding for this round is still based on 2018/19 tax returns, so sadly, if your business has been negatively impacted since March and you were not eligible for previous SEISS support, you won’t be eligible still.
HMRC’s guidance 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:
· 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
However, there is speculation that future SEISS support for February to April 2021 MAYBE based on 2019/20 profits. (The deadline for 2019/20 SA tax returns is 31.1.21, so HMRC will be in receipt of 2019/20 information.) This is a big MAYBE and only speculation at this time. Pressure on the Government is increasing to help the self-employed who are currently falling through the cracks and have received no support since March.
We expect that claims will be made through the gov.uk website as before, but we will keep you updated when we know more.