The Government has again increased their support for self-employed workers! They have increased the Self-Employment Income Support Scheme grant from 40% to 80% of their average monthly profits.
The first grant covers 3 months (November, December & January) and was previously capped at £3,750, this has now been increased to £7,500.
Are you eligible?
You must be eligible for the SEISS at the moment, this means:
you traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
you traded in the tax year 2019 to 2020
you intend to continue to trade in the tax year 2020 to 2021
You must still be actively trading
Experienced reduced demand due to Covid since 1st November 2020 until the date of your claim
HMRC will calculate how much you are entitled to by looking at your profits in the last 3 years. If you have only been trading for 2 they will take the average of your last 2 years.
How do you claim?
You will be able to claim from the 30th November 2020 until 29th January 2021 through the gov.uk website.
To claim you will need:
Your Self Assessment Unique Taxpayer Reference (UTR)
Your National Insurance number
Your Government Gateway user ID and password – if you do not have an existing user ID you can create one when you claim
Your UK bank details including a bank account number, sort code, name on the account and your address linked to your bank account
When will your money come through?
Within 6 working days or your grant being approved.
Keep an eye on this page. We will be updating our blog with more information on the SEISS as it is released!