Chancellor Rishi Sunak announced financial relief measures the Government would be implementing earlier this year to help people through the coronavirus crisis. The Self-Employed Income Support Scheme (SEISS) provides successful claimants with a grant worth 80 percent of their average trading profit over the last three tax years.
The first grant is capped at a total of £7,500 over three months, and is paid out in one single instalment.
As of the end of May, the scheme had received more 2.3million claims worth £6.8billion.
After the Chancellor extended the Coronavirus Job Retention Scheme, many wondered if the Government would also extend the SEISS scheme to help the self-employed.
The Government has now announced a second grant will be available soon.
- Self employed scheme extension: When can I claim second grant?
Announcing the extension of the SEISS scheme, Mr Sunak said: “Our top priority has always been to support people, protect jobs and businesses through this crisis.
“The furlough and self-employment schemes have been a lifeline for millions of people and businesses.
“We stood behind Britain’s businesses and workers as we came into this crisis and we stand behind them as we come through the other side.
“Now, as we begin to re-open our country and kickstart our economy, these schemes will adjust to ensure those who are able to work can do so, while remaining amongst the most generous in the world.”
When is the deadline to apply for SEISS?
If you are eligible to apply for a grant from the Self-Employed Income Support Scheme, the deadline to do so is rapidly approaching.
You must make your claim for the first grant on or before July 13, 2020.
If you have already applied for the first SEISS grant, you will soon be able to claim for the second grant.
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When can you claim the second grant?
If you are eligible for the second Self-Employed Income Support scheme grant, you will be able to make your claim in August 2020.
HMRC have not yet created an online portal to be able to claim for the second grant.
HMRC are asking people not to contact them about the second grant yet, as they will update their guidance on the Government website when they are ready to take applications.
If you want to apply for the second grant, you don’t need to have made a claim for the first grant to be successful.
The second grant will be slightly reduced from the first grant, and will be worth 70 percent of your average monthly trading profits.
Like the first grant, the second grant will be paid out in one lump sum covering three months.
The total amount you can receive in the second grant will be capped at £6,570 in total.
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