BUSINESS

SEISS
Grant Extension

The UK Government recognises the continued impact that coronavirus (COVID-19) has had on the self-employed and has taken action to provide support. The Self-Employment Income Support Scheme (SEISS) Grant Extension provides critical support to the self-employed in the form of two grants, each available for three month periods covering November 2020 to January 2021 and February 2021 to April 2021.

The Government are providing the same level of support for the self-employed as is being provided for employees through the Coronavirus Job Retention Scheme (Furlough) which has also been extended until March 2021.

WHAT PERIOD DOES IT COVER?

The extension will last for 6 months, from November 2020 to April 2021. Grants will be paid in 2 lump sum instalments each covering a 3 month period.

The third grant will cover a 3 month period from 1 November 2020 until 31 January 2021.

The Government has already announced that there will be a fourth grant covering February 2021 to April 2021. The Government will set out further details, including the level, of the fourth grant in due course.

HOW MUCH WILL I GET?

The third grant will cover a 3 month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total. This is an increase from the previously announced amount of 55%.

The grants are taxable income and also subject to National Insurance contributions.

WHO CAN CLAIM?

To be eligible for the grant extension self-employed individuals, including members of partnerships, must:

  • have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)
  • declare that they intend to continue to trade and either:
    • are currently actively trading but are impacted by reduced demand due to coronavirus
    • were previously trading but are temporarily unable to do so due to coronavirus

HOW DO I CLAIM?

You need to apply through the official government portal. Applications for the third grant have been brought forward to 30th November – originally set to open on the 14th December.

You will need the following information:

  • Self-Assessment Unique Taxpayer Reference (UTR)
  • National Insurance Number
  • Government Gateway User ID and Password (If you do not have a user ID, you can create one when you make your claim)
  • UK Bank Details
Contact

GET IN TOUCH

01295 812521
theteam@periscopegroup.co.uk

PERISCOPE GROUP

Faveo House
2 Somerville Court
Banbury Business Park
Adderbury, Oxon
OX17 3SN

JOIN US

Send your CV to
jobs@periscopegroup.co.uk

Contact