Despite the various schemes, loans and grants offered up by the Government during the pandemic, it’s been argued that one group has been neglected through the process – the self-employed.

 

Now, as we head into a second lockdown, an extended, improved wave of funding through the Self-Employment Income Support Scheme (SEISS) has been announced. Here’s everything you need to know about the extension…

 

What is the SEISS?

 

Now in its third phase, the SEISS was created in March 2020 when many self-employed individuals, including hairdressers, utility workers and more, had to down tools and pause trading under original lockdown guidelines.

 

With a second England-wide lockdown in place and schemes such as furlough reintroduced, the SEISS has been extended and adapted to become more generous to workers.

 

Self-employed individuals will now receive 80% of their average trading profits for November, December and January, a rise from the 40% previously offered. The taxable grant will have a limit of £7,500 and be paid in a single instalment.

 

The Government has also announced a fourth grant will be in place from February 2021, though details are yet to be confirmed.

 

Who is eligible?

 

Eligibility hasn’t changed over the three phases of the SEISS, meaning anyone who was eligible for the first and second grant will be able to claim this extension. You do not need to have received a previous grant to claim now.

 

This means you can claim a grant if you’re a self-employed individual or a member of a partnership and your business has been adversely affected by Covid-19. All of the following must also apply:

  • You traded in the tax year 2018 to 2019 and submitted your Self-Assessment tax return on or before April 23rd, 2020 for that year
  • You traded in the tax year 2019 to 2020

 

You must also declare that you intend to continue to trade and are either actively trading but are impacted by reduced demand due to the pandemic or are temporarily unable to trade due to the virus and restrictions.

 

Unfortunately, the grant still leaves many facing a second lockdown with little financial support, with freelancers and those who are recently self-employed still excluded.

 

How do I claim?

 

The new grant will also offer support much faster than originally planned, with applications opening from November 30th, rather than mid-December as originally planned. Details of how to claim will be published on the Gov.uk website shortly before the portal opens.

 

For more business support, get in touch with our team on info@chuhanandsingh.co.uk or call 01642 244090.