As of 13 May 2020, applications for the Self-Employment Income Support Scheme (SEISS) are open to support those who are eligible.
What is the SEISS?
If you are self-employed and your business has been severely affected by the coronavirus, you may be able to claim a grant worth 80% of your average monthly trading profits, covering a period of 3 months (up to £7,500).
When will I receive my self-employed grant?
The money will be given to you in one instalment. Self-employed grants are expected to be in bank accounts by 25 May 2020 or within approximately six days of a completed claim.
SEISS eligibility checker
You will need to meet the following criteria:
- You earn at least half of your income through self-employment
- Your business is severely affected by coronavirus
- You traded in the tax year 2019 to 2020 and intend to continue trading
- Your trading profits do not exceed £50,000 per year
- You traded in the tax year 2018-2019 and submitted your self-assessment tax return on or before 23 April 2020 for that year
To check if you are eligible, visit the HRMC website.
How can we help?
If you are looking for further advice on the SEISS or would like to find out more on the requirements, please get in touch with Matthew Spencer firstname.lastname@example.org or your usual Lubbock Fine contact.