UPDATE - COVID 19 SELF EMPLOYED SUPPORT SEISS
A further round of Self employed support has been announced today by Rishi Sunak, with new grants being available from August.
Below is the guidance issued by HMRC earlier today which tells you pretty much all you need to know. Again worth noting these grants will form part of your taxable income for the year, but are not repayable like loans.
"Self-Employment Income Support Scheme The Chancellor also announced plans to extend the Self-Employment Income Support Scheme (SEISS) for those people whose trade continues to be, or is newly, adversely affected by COVID-19 (coronavirus). Eligible self-employed people will be able to claim a second and final SEISS grant in August; this will be a taxable grant worth 70% of their average monthly trading profits for three months, paid out in a single instalment and capped at £6,570 in total. The eligibility criteria for the second grant will be the same as for the first grant. People do not need to have claimed the first grant to claim the second grant: for example, their business may have been adversely affected by COVID-19 (coronavirus) more recently.
Claims for the first SEISS grant, which opened on 13 May, must be made no later than 13 July. Eligible self-employed people must make a claim before that date to receive the first SEISS grant (a taxable grant of 80% of their average monthly trading profits, paid out in a single instalment covering 3 months' worth of profits, and capped at £7,500 in total). So far, we’ve seen over 2.3 million claims worth £6.8 billion.
It's really important to note that as with the first SEISS grant, the eligible individual must make the claim themselves.
More information about the second SEISS grant will be available on GOV.UK on 12 June. " HMRC Business support email 29/05/2020
As always we will endeavour to get the latest updates to you as and when they are released and ask you to contact us should you have any queries