The government has released additional advice in relation to the SEISS grant extension and I summarise this below. More detailed information is available by following the link below which is worth a read.
Who can claim?
- Must be self-employed or member of a partnership
- Previously been eligible for the SEISS (although you don’t need to have claimed)
- Able to declare that you intend to continue to trade and either:
- Are currently actively trading but are impacted by reduced demand due to COVID 19; or
- Were previously trading but are temporarily unable to due to COVID 19
What will the grant extension cover?
- The extension will last 6 months from the period 1st November 2020 to 30th April 2021
- Grant will be in two lump sum payment split as follows;
- First covering the period 1st November 2020 to the 31st January 2021
- Second for the period 1st February 2021 to the 30th April 2021
- Grant levels will be as follows:
- 80% of average monthly profits for November 2020
- Then 40% for December 2020 and January 2021
- The grant for the period 1st November 2020 to 31st January 2021 is capped at £5,160 in total.
- The government have not confirmed the amount of the grant available for the period 1st February 2021 to the 30 April 2021. This will be confirmed closer to the date.
How to claim?
The online service will be available from 30th November and HMRC have promised to provide details on how to claim in due course. Once these details have been released we will of course update you.
Finally please keep in mind that grants are taxable income and subject to national insurance.
Telephone Number: 01392 360008