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Self-Employment Income Support Scheme

The Chancellor, Rishi Sunak, announced plans last week to extend the Self-Employed Income Support (SEISS) for those whose trade continues to be, or is newly, adversely affected by COVID-19. 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 will be the same for the first grant, and individuals will have to confirm that their business has been adversely by the coronavirus.

An individual does not have to have claimed the first grant to receive the second grant. Some may have only been affected in this phase.

Individuals can still claim for the first grant until the 13th July.

Further guidance on the second grant will be published on Friday 12th June.

Please contact the Spirare Team for further guidance.