The Self-Employment Income Support Scheme (SEISS) Grant Extension will be increased from 40% of average trading profits, to 80%. This supersedes the previous announcement on 2 November that the support would be increased to 55%.
In addition, the opening of the service has been brought forward from 14 December to 30 November.
How will it work?
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. The extension will last for 6 months, from November 2020 to April 2021.Grants will be paid in two lump sum instalments each covering a three-month period.
The first grant will cover a three-month period from the start of November until the end of January. The UK government will provide a taxable grant covering 80% of average monthly trading profits, paid out in a single instalment covering three months’ profits, capped at £7,500 in total.
The grant will be increased from the previously announced level of 55% of trading profits to 80% for November. This therefore increases the total level of the grant from 55% to 80% of trading profits for November to January.
The second grant will cover a three-month period from the start of February until the end of April.
The grants are taxable income and subject to National Insurance contributions.
Who is eligible?
To be eligible for the scheme, self-employed individuals, including members of partnerships – must:
have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)
intend to continue to trade and either:
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.
Please search 'Self-Employment Income Support Scheme Extension' on GOV.UK for further information.