In October, the government announced that grants under the Self-Employment Income Support Scheme (SEISS) for the period from 1 November 2020 to 31 January 2021 would be 40% of profits. A further increase has been announced along with other changes to the SEISS. What’s the full story?
The amount of grant, which applies across all the UK, is increased to 80% of average trading profits for the month of November 2020 alone. The grant for December and January remains at 40%. The effect of the November increase is to raise the total level of the grant available from 40% to 55% of trading profits across the period 1 November 2020 to 31 January 2020.
SEISS grants will be paid faster – you will be able to make a claim via HMRC’s site from 30 November rather than 14 December, as originally planned. The previous HMRC site for claiming SEISS grants has been closed. A new one will be available on 30 November. The grants can be claimed by self-employed individuals and members of partnerships whose income has been adversely affected by coronavirus.
The grant available to the self-employed and business partners whose income has fallen because of coronavirus will be 80% of profits for November. The grant for December and January remains at 40%. HMRC’s site for claiming an SEISS grant will open on 30 November.
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