What is the Self-Employment Income Support Scheme?
The Self-Employment Income Support Scheme (SEISS) is designed to provide support for self-employed individuals whose businesses have been adversely affected as a result of the coronavirus pandemic. The government is providing up to four taxable grants to those who meet the eligibility conditions. Claims for the first grant are now closed. If you want to claim the second grant you must make your claim on or before 19 October 2020.You need to consider whether your business has been adversely (negatively) affected before you apply for the SEISS grants. You need to confirm that your business has been adversely affected as part of the claim process.
HMRC’s guidance contains examples of why your business could be adversely affected. These include if you have not been able to work for periods of time due to self-isolating, shielding or as a consequence of caring responsibilities caused by coronavirus, or if your business has had to temporarily close or scale down due to lockdown, making your workplace ‘COVID secure’, staff shortages, or a lack of customers. You will be expected to keep business records to show how your business has been affected and that you are eligible to claim the grant.
Who can claim?Please follow the link here to check if you can claim a grant through the Self-Employment Income Support Scheme.
What happens after you have claimed?HMRC will check your claim and pay your grant into your bank account in the next 6 working days. HMRC send an email when your payment is on its way. If your business recovers after you’ve claimed, your eligibility will not be affected. You must keep evidence to confirm your business was adversely affected at the time you made your claim.
Please note, this scheme is now being extended from 1st November 2020 . Find out more here about the extension to the scheme. This guidance is yet to be published, but will be updated as soon as possible. When it does we will contact all clients.
Need more information?
Do you need more guidance on the Self-Employment Income Support Scheme? We offer a wide range of services which are unique to your business. Our team of chartered accountants have a wealth of experience with those who are self-employed and have helped many of our self-employed clients through the coronavirus pandemic. Our team work hard to ensure they create smart and effective tax-efficient solutions for the self-employed to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.
Our fantastic team at A&C Chartered Accountants are here to help.