The Chancellor announced that the UK Government is increasing the overall level of the next SEISS grant from 55% to 80% of trading profits. This grant will cover a three-month period from the start of November 2020 until the end of January 2021. The UK Government will pay a taxable grant which is based on 80% of three months’ average trading profits, paid out in a single instalment and capped at £7,500. The SEISS Grant Extension will last for six months in total, from 1 November 2020 to 30 April 2021. A further grant will cover February to April, as grants will be paid in two lump sum instalments each covering a three-month period. The Government will set out further details, including the level of that grant, in due course. Full details on checking if you are eligible for the current grant and how to claim will be published on GOV.UK week commencing 23 November 2020.
On 26 March 2020 the Government has announced an unprecedented support to those who derive their main income through self-employment as part of their support measures required through the COVID-19 outbreak.
EligibilityYou can apply if you are self-employed i.e. working for yourself, on your own or you are a member of a partnership, and:
- You have submitted a self assessment tax return for the year ended 5 April 2019 (This should have been done by 31 January 2020);
- You have continued to trade in the year ended 5 April 2020;
- You are trading when you apply, or would be except for COVID-19;
- You intend to continue trading after 6 April 2020;
- You have lost trading or partnership trading profits due to COVID-19;
- Your self-employment trading profits average less than £50,000;
- Your average self-employment trading profits are more than half of your income.