New Self Employed Income Support Scheme – do you qualify?

Self-employed businesses that continue to be adversely affected by Coronavirus may qualify for the new Self Employed Income Support Scheme (SEISS) three-month grant of 70% of average profits capped at £6,570.

In order to qualify for the new SEISS, your business needs to be adversely affected by the coronavirus on or after 14th July 2020.

Therefore, if you cannot trade, your income is down, you have additional costs due to social distancing and PPE, your business may qualify for the scheme.

You also need to meet the same broader criteria for the initial SEISS grant.

• You have been trading in 2018/19 and submitted your tax return by 23rd April 2020;
• Continue to trade in 2020/21;
• Have average profits of less than £50,000 per year.

You can make a claim from 17th August and you can make a new SEISS grant claim even if you did not make claim under the initial SEISS grant.

Contact your TC adviser today on 0330 088 7111 if you would like to discuss whether you can make a claim under this new SEISS grant.