Self-employment Income Support Scheme
The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.
HMRC will use the average profits from tax returns in 2016-17, 2017-18 and 2018-19 to calculate the size of the grant. The scheme will be open to those where the majority of their income comes from self-employment and who have profits of less than £50,000.
You can submit your claim on the Government portal here. You can apply for the first SEISS grant until 13 July 2020.
The Government’s Self-Employment Income Support Scheme will be extended, and those eligible will be able to claim a second and final grant in August. A copy of the factsheet for SEISS is available here. The grant will be worth 70 percent of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total. Applications for the second grant will open in August.
Am I eligible?
You can use the Government's online eligibility checker tool here. To be eligible for the scheme you must meet all the criteria below:
- Be self-employed or a member of partnership;
- Have lost trading/partnership trading profits due to COVID-19;
- File a tax return for 2018-19 as self-employed or a member of a trading partnership. Those who have not yet filed for 2018-19 will have an additional 4 weeks from this scheme's announcement to do so;
- Have traded in 2019-20; be currently trading at the point of application (or would be except for COVID 19) and intend to continue to trade in the tax year 2020 to 2021
- Have trading profits of less than £50,000 and more than half of your total income come from self-employment. This can be with reference to at least one of the following conditions:
- Your trading profits and total income in 2018/19
- Your average trading profits and total income across up to the three years between 2016-17, 2017-18, and 2018-19.
How do I access it?
You can check your eligibility and submit a claim on the Government website here.
HMRC are publishing guidance on the scheme, available here. This guidance will continue to be updated. Further information on how to access these schemes can be found here.
For further information on the full range of business support measures which have been made available to UK businesses, visit the government's Business Support website or use the Business Support Finder tool here.