Here are 20 Facts you should know about the Self Employment Income Support Scheme:
Once again, for a second period, the self-employed are eligible to receive financial support from the UK government in light of the ongoing Covid-19 epidemic in the UK
Many business owners have been and will continue to be dependent upon Government financial support over the forthcoming months and into 2021
Prime Minister Boris Johnson recently announced the three-tier lockdown system and consequently many businesses will be forced to close in places that will fall under Tier 3 restrictions annonced
Inline with this Chancellor Rishi Sunak made the announcement about the launching of the Self-Employment Income Support Scheme (SEISS)
The SEISS has now been extended until April 2021, following a great deal of pressure to announce further support for the self-employed
The initial Self-Employment Income Support Scheme that was launched in the earlier stages of 2020, was only intended to cover a three-month period between March and June. In this original scheme these eligible to receive the grant claimed 80 percent of their average monthly trading profits capped at £2,500 per month through the scheme.
An extension was then granted to cover another three-month period, and those eligible to claim could get 70 percent of their average monthly trading profits.
Once again the SEISS scheme has been extended and there are TWO grants being provided within this scheme
The first of these two grants will cover the three-month period from November 2020 to January 2021. It will be worth 20 percent of average monthly trading profits, but will be capped at £1,875 in total for the three months
The exact value for the second grant, which will run from February to April 2021 has not yet been established by HMRC
Applications for the second grant still remain open until 19th October 2020 and further details on how to apply for the extended grants are expected to be announced soon
If you didn't qualify for the first scheme you may still be eligible for the second scene so still apply and check your eligibility. Full details on eligibility can be found on the Government website
In order to claim the SEISS you need to declare that you are currently actively trading and that you intend to continue trading. Your business must also have been directly impacted by reduced demand due to the COVID-19 pandemic over the qualifying period
A number of self-employed people are not eligible to claim from the SEISS scheme and it was announced there there are still measures in place for those individuals who unfortunately do not qualify for SEISS.
HMRC also launched the Time to Pay scheme, which allows individuals more time to settle financial obligations, provided they can demonstrate the ability to pay in the future. There are also provisions in place for those who pay little to no business rates.
For individuals whose business is run from a property and is registered for the Small Business Rate Relief (SBRR) or Rural Business Rate Relief (RBRR), they will automatically receive a grant of £10,000 from their local authority.
Alongside this the Government has launched several loan schemes, including Bounce Back Loans and the Coronavirus Business Interruption Loan Scheme (CBILS), and has pledged to underwrite 80 percent of loans that are applied for with approved lenders, making them more widely accessible. It had also said that they will also pay the first six months of interest.”
The deadline to apply for the SEISS is 19th October 2020 - see if you are eligible here
Those not eligible for these schemes can still apply for monthly Universal Credit payments from the Government, if they are found to be eligible
To find out if you are eligible for the Self Employment Income Support Scheme Click Here
Reviewed by Crystal Emmanuel
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