Self-Employment Income Support Scheme open for business

May 13, 2020
Self Employed

The Self-Employment Income Support Scheme (SEISS) is now open for business, weeks ahead of schedule.

First announced in March, the landmark capital grant scheme is designed to help self-employed workers affected by Covid-19 recover from financial distress.

According to HM Treasury, the scheme will open to self-employed individuals or members of partnerships whose business has been adversely affected by coronavirus from 8am this morning, Wednesday 13 May, allowing them to apply for a grant worth up to 80 per cent of their average monthly profits.

Am I eligible?

The SEISS is available to those earning less than £50,000. This is calculated using the average of 2016/17, 17/18 and 18/19 tax returns (if applicable). If you have filed only one or two tax returns, your revenue and grant will be calculated using only those tax years.

Additionally, you must satisfy the following criteria:

  • Have submitted a Self-Assessment tax return for the tax year 2018/19 (or is planning to – more details below)
  • Have traded in the tax year 2019/20
  • Is trading now, or would be trading if it were not for the coronavirus pandemic
  • Intends to continue to trade in the 2020/21 tax year
  • Have lost trading profits as a result of the outbreak
  • More than half of your income is derived from self-employed profits

For support making an application, contact our expert team today.

 

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