Following the announcement of a second lockdown, the government has increased the Self-Employed Income Support Scheme (SEISS) to 80% for November.
The SEISS Grant Extension provides support to the self-employed in the form of two grants, each available for three-month periods covering November to January and February to April.
Grants will be paid in two lump sum instalments, each covering a three-month period.
The grants are taxable income and subject to National Insurance contributions.
Under the updated scheme, self-employed people will receive 80% of their average trading profits for November. The claims window has also been brought forward from 14th December to 30th November. This aims to ensure that those who need support can access funds as soon as possible.
SEISS grants are calculated over three months. November's grant is being boosted to 80%, and December and January's support will be based upon 40% of profits. This means that the total amount for the third grant increases to 55% of trading profits over three months. The maximum grant will also increase to £5,160.
Am I eligible for the Self-Employed Income Support Scheme (SEISS) extension?
If you were eligible for the first and second grants, you are likely to be eligible for the third. Note: You don’t need to have applied for the other grants to access the third.
You must declare that you intend to continue trading and that you:
Are currently actively trading but are impacted by reduced demand due to Coronavirus
Were previously trading but are temporarily unable to do so due to Coronavirus
If you need support during this time, please get in touch with us - we are here to help.