August 17th, 2020

COVID-19: Second Self-Employment Income Support Scheme Grant – Now Open

If you are self-employed or a member of a partnership and have been adversely affected by COVID-19, you may be able to make a claim under the second SEISS grant.

This is the second and final grant, and applications are now open. If HMRC deem you as eligible and your business has been adversely affected by coronavirus on or after 14 July 2020 then you have until 19 October 2020 to make a claim.

If you are eligible you are able to make a claim for the second grant, even if you did not make a claim for the first grant.

You are able to carrying on working when in receipt of the grant, and you also have the option to start a new trade or take on other employment, including voluntary work.

Provided you’re eligible, the grant does not need to be repaid, although it is taxable income, meaning you will be subject to income tax and National Insurance in the 2020-21 tax year in the usual way.

In order to make the second claim, all of the following criteria must be met:

If your trading profits were greater than £50,000 for 2018-19, and/ or if your trading profits were less than your non-trading income for 2018-19 then HMRC will deem you ineligible.

If you are eligible, you will need to confirm with HMRC that your business has been adversely affected by coronavirus on or after 14 July 2020. Adversely affected generally means that your business has seen a reduction in income and/ or an increase in costs due to coronavirus.

More details on deciding if your business has been adversely affected can be found at https://www.gov.uk/guidance/decide-if-your-business-has-been-adversely-affected-for-the-self-employment-income-support-scheme

The amount you will receive is based on average trading profits for the tax years 2016-17, 2017-18 and 2018-19. Total trading profits/ losses for these three years are added together and divided by three.

The grant is worth 70% of average monthly trading profits, paid as a single instalment covering three months’ worth of profits, up to a maximum of £6,750. (The first grant was based on 80% of trading profits, up to a maximum of £7,500.)

You can make your claim now at https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme

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Sarah manages a variety of clients, including wedding photographers and writers, and specialises in personal tax. After studying History & Politics at the University of Warwick, Sarah trained as a chartered accountant at an independent firm in St Helens before becoming Tax Manager. Sarah is responsible for training and mentoring junior staff.

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