Income support grant for self-employed extended

The Self-Employed Income Support Scheme (SEISS) has been extended to September 2021. This fourth grant covers February to April 2021 and there will be a fifth grant covering May to September 2021. This grant allows those who are self-employed to claim 80% of their average profits for the period up to 2019/20. 

Am I eligible for the SEISS?

There are many conditions to meet for a successful claim. 

You will need to be:

  • Self-employed in 2019/20
  • Continuing to trade in 2020/21, or would be if the business had not been affected by COVID-19

The self-employed profits in 2019/20 must not exceed £50,000 and must be more than 50% of the individual’s income.  If this is not met, then the £50,000 and 50% limit is applied to average profits and total income over the 4 years (or shorter) to 5th April 2020. This means that those who commenced trading in 2019/20 will be eligible for SEISS grants, having been previously unqualified for the first three grants. 

The grant is limited to £2,500 per month. 

Will my SEISS application be affected if my profits have fallen?

Self-employed individuals whose turnover has fallen by 30% or more will continue to receive the full grant worth 80% of three months’ average trading profits. This is capped at £7,500. 

Those whose turnover has fallen by less than 30% will receive a 30% grant, capped at £2,850. 

Need help with the SEISS application?

Whether you are self-employed or own a small business, We will serve you with quallity accounting services by accountants in Ilford, UK, also we can help you determine whether you are eligible for the SEISS and can assist you with your claim. To speak to one of our experts, contact us here.

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