COVID-19: Self-Employment Income Support Scheme (SEISS)

SEISS grants currently cover the following periods

Name Claim period Claim deadline Grant size
Fourth grant Feb 2021-April 2021  TBA TBA
Third grant Nov 2020-Jan 2021 29 Jan 2021 Up to £7,500
Second grant 14 July – Oct 2020 19 Oct 2020 Up to £6,570
First grant March – July 2020 13 July 2020 Up to £7,500

 

SEISS Grant Extension from 1 November 2020

The extension provides for two additional taxable grants payable for the three months from 1 November 2020 to 29 January 2021 and 1 February 2021 to 30 April 2021. These are known as the ‘third grant’ and ‘fourth grant’.

Third grant

  • Only those eligible for the first and second grants will be eligible for this third grant.
  • HMRC expect applicants to make an honest assessment about whether they reasonably believe their business will have a significant reduction in profits for the accounting period.
  • To make a claim for the third grant, businesses must have had a new or continuing impact from Coronavirus between 1 November 2020 and 29 January 2021.
  • The grant payable is the lower of:
    • £7,500.
    • 80% of average monthly trading profits, covering a three month period, calculated as for the first grant.
  • The grant is available to self-employed individuals with trading profits up to £50,000 per year whose trading profits are at least equal to their non-trading income.
  • Applications for the third grant may be made from 30 November 2020.
  • The claim deadline is 29 January 2021.  
  • The grant is subject to Income Tax and National Insurance.

Fourth grant    

  • The fourth grant will cover the period February to April 2021.
  • The government will review the level of the fourth grant and provide details in due course.

Note: Company directors are employees for PAYE purposes and not self-employed

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