Lubbock Fine, 2 June 2020
Chancellor Rishi Sunak announces the extension of Self-Employment Income Support Scheme (SEISS) to cover for the lost income whilst the UK experiences ‘lockdown’.
The scheme so far has seen 2.3 million claims worth £6.8 billion to the self-employed who have been affected by the impact of coronavirus on the economy.
Those who are eligible will be able to claim a second grant capped at £6,570. The grant will be worth 70% of their average monthly trading profits, covering 3 months’ worth of profits and capped at £6,570 in total. This will be paid out in single instalment.
This will be available to claim in August. The government have said this will be the second and final grant available to self-employed workers.
If eligible, self-employed workers were able to claim a taxable grant worth 80% of average trading profits, up to £7,500 (covering three months of profits). This amount was also a single instalment.
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