More grants for self-employed on the way

The Self-Employment Income Support Scheme (SEISS) has reopened for its second, and final, round of grants. So, if you think you’re eligible for one, don’t delay your application as the deadline is 19^th October 2020.

The scheme sees successful applicants receive a government grant based on an average of their earnings over the past three years. It covers up to 70% of these earnings, with a monthly limit of £2,190, for a period of three months. This means that the loan’s total is capped at an amount of £6,570.

SEISS’s eligibility criteria are easy to understand: you must be a self-employed worker with average trading profits under £50,000 for the past three years, and have filled out a 2018 / 2019 tax form. Your business must, in addition, have been “adversely affected on or after 14 July 2020” by the coronavirus pandemic.

You can find government guidelines in full at: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

It is worth mentioning that your eligibility for this round of SEISS is unaffected by whether or not you participated in the scheme’s first round. It should also be pointed out that these grants are subject to both the tax and national insurance you would usually pay.

We can help you avoid common pitfalls and make sure you are taking advantage of any aid for which you are eligible. If you’re struggling with SEISS or any other recovery package on offer, please call JW Hinks on 0121 456 0190. Together, we can guide your business through the coronavirus pandemic, giving it the best chance possible of success.