Chancellor Rishi Sunak introduced the Self-Employment Earnings Assist Scheme (SEISS) in March, and already billions of kilos value of claims have been paid out below the scheme. The scheme was lately prolonged till October 2019, which means eligible claimants will have the ability to obtain a second and last grant from the scheme later within the 12 months.
What’s the distinction between the primary and second grant?
The second SEISS grant will probably be value barely lower than the primary grant, nevertheless the best way the second grant is calculated is similar as the primary.
You’ll get a taxable grant primarily based in your common buying and selling revenue during the last three tax years.
Chris Brazier, associate at B P Collins regulation agency, defined to Specific.co.uk: “The one materials distinction between the second and first grant is that the utmost worth of it has been lowered from £7,500.
“Beneath the second grant, eligible people will obtain 70 p.c of their common month-to-month buying and selling income capped at £6,570 which once more will probably be paid out in a single instalment and can cowl three months value of income.
“This discount is in step with the lowering worth of funds below the Coronavirus Job Retention Scheme.”
It is possible for you to to use for the second grant even should you didn’t declare for the primary grant, offering you’re eligible for the scheme.
READ MORE: Self employed scheme extension: When can I declare second grant?
What are the necessities for claiming the second grant?
As was the case with the primary grant, you have to to show your corporation has been adversely affected by the coronavirus disaster on or after July 14, 2020 to obtain the grant.
Dan Stopp, UK Accounting Supervisor at AI accounting software Bokio, informed Specific.co.uk: “The eligibility for the second grant is kind of the identical as for the primary one, specifically: your corporation has been adversely affected by COVID-19, you may have a tax return for 2019, and your buying and selling income are not more than £50,000 per 12 months.
“Though you don’t have to have claimed the primary grant so as to be eligible for the second, you’ll nevertheless be required to show that your corporation has been adversely affected by coronavirus on or after July 14, 2020.”
Earlier than you apply, you’ll first have to verify your circumstances replicate the eligibility standards listed on the Authorities webpage for the scheme HERE.
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Self employed scheme: When is the second SEISS grant paid? – ANALYSIS
What different assist is on the market for self-employed folks?
If you’re not eligible for the Self-Employment Earnings Assist Scheme, there are different initiatives in place to assist folks right now.
You could possibly declare for Common Credit score, which is a Authorities profit.
You might also have the ability to defer Self Evaluation Earnings Tax and VAT funds.
There are Authorities grants obtainable for companies which pay little or no enterprise charges.
There are additionally Bounce Again Loans and the Enterprise Interruption Mortgage Scheme.
Extra data on assist for self-employed folks is on the market on the Authorities web site.