If you are self employed and coronavirus has affected your business, there is support available. Please read our guidelines below for more information:

*Updated 5/11/20

The Chancellor announced that the UK Government is increasing the overall level of the next SEISS grant from 55% to 80% of trading profits.

This grant will cover a three-month period from the start of November until the end of January. The UK Government will pay a taxable grant which is based on 80% of three months’ average trading profits, paid out in a single instalment and capped at £7,500.

The SEISS Grant Extension will last for six months in total, from 1 November 2020 to 30 April 2021. A further grant will cover February to April, as grants will be paid in two lump sum instalments each covering a three-month period.

Further guidance will be issued by HMRC after 23rd November.

Update from 23/10/20

As part of support for businesses through the coronavirus pandemic, the UK government has increased the support available under the SEISS Grant Extension doubling the value of the first grant.

This brings support for the self-employed in line with that for employers under the Job Support Scheme Open.

The value of the first SEISS Grant Extension, covering the period November 2020 to the end of January 2021, will double. This means that the UK government will provide an initial SEISS grant based on 40% of three months’ average trading profits, paid out in a single instalment, and capped at £3,750 in total.

To ensure that support will be targeted to those who most need it, SEISS Grant Extension will be available to self-employed individuals who temporarily cannot trade as well as those continuing to trade and facing reduced demand due to COVID-19.

HMRC will provide full details about claiming and applications in guidance on GOV‌‌‌‌.UK in mid-November.

Our Tax Team are here to support you with any queries around self -employment, employment or other related issues.

Please ring 01983 823898 ext 2836 to talk it through or email us on [email protected]