Covid-19 Business Update 18 – Tuesday 18th August 2020
Following our previous update on 10th August, please find below notable changes that have been released via gov.uk.
Self-employment Income Support Scheme (SEISS)
In June the chancellor announced that the Self-employment Income Support Scheme was to be extended and a second taxable grant can now be claimed for eligible individuals.
Applications for the second taxable grant are now open.
HMRC are expected to send you an email telling you the date that you can claim for if you are eligible.
If you’re eligible and your business has been adversely affected on or after 14 July 2020, you must make your claim for the second grant on or before 19 October 2020.
Adversely affected is typically when your business has experienced lower income or higher costs due to coronavirus. HMRC expects you to make an honest assessment about whether your business has been adversely affected. There is no minimum threshold over which your business’ income or costs need to have changed. You should assess this second period as a separate exercise to the first claim period.
The scheme will provide a taxable one off grant to self-employed individuals or partnerships, worth 70% of average profits up to a cap of £6,570 in total.
Once HMRC have emailed you with your claim date, please follow these simple steps to make your claim:
- You need your Government Gateway user ID and password, bank account number and sort code.
- HMRC will calculate the income support you’re entitled to, based on the information you have submitted in your previous tax returns.
- After HMRC have received your claim and verified it, they will pay the money directly into your bank account within six working days.
Please continue to be vigilant for scam emails, messages or calls. You will only need to submit bank details through the government gateway.
Note: Claims for the first grant are now closed.Return to our Dedicated Page for Covid-19 Client Updates