More detailed information has been released by the government in relation to the additional support schemes announced last week. Over the next week we will be sending out detailed blogs informing you of the additional support you may be able to access.
In this blog we are providing details on the government’s announced extension of the SEISS from November 2020 through to April 2021.
Who is eligible?
To be eligible for the scheme, self-employed individuals, including members of partnerships, must meet the following criteria:
- Currently be eligible for the SEISS (although they do not have to have claimed the previous grants)
- Declare that they are currently actively trading and intend to continue to trade
- Declare that they are impacted by reduced demand due to COVID-19 in the qualifying period. The qualifying period for the first grant is between 1 November and the date of claim
What does the grant cover?
The extension will be in the form of two taxable grants. The first grant will cover businesses affected by COVID from the 1st November 2020, the finer details released by HMRC so far are;
- It will cover 20% of the average monthly trading profits
- Paid out as a single instalment covering three months’ worth of profits
- The grant will be capped at £1,875
At present, there is no information available on the second grant but we will of course update you as soon we have the information.
How to claim?
At the moment there are no details available on how to claim but we will update you as soon as there we know more.
We include a link below to the information released by the government for your information.
As always if you have any queries in regards to the above please do not hesitate to get in touch.
Telephone Number: 01392 360008