Extension of Self-Employment Income Support Scheme

Extension of Self-Employment Income Support Scheme

It was announced on 5 November that grants payable under the SEISS scheme for the period November 2020 to the end of January 2021 will be for 80% of average trading profits, over the 3 months, with an overall cap of £7,500 for this period.

For the purposes of SEISS, your average trading profit will be your total trading profits or losses for tax years 2016-17 + 2017-18 + 2018-19 divided by three.

Only those currently eligible for SEISS will be able to apply for the extension (see more about SEISS eligibility below). The date to apply has also been brought forward to 30 November. It was originally set to open 14 December.

Your trading profits can be no more than £50,000 per annum and more than half of your income must be from being self-employed, to be eligible for the SEISS.

While you will still pay Income Tax and National Insurance on any money received through the SEISS, it is a grant rather than a loan and does not need to be repaid

For more details please see the links below:

https://www.moneysavingexpert.com/news/2020/11/planned-return-of-the-universal-credit–minimum-income-floor–de/

https://www.simplybusiness.co.uk/knowledge/articles/2020/09/coronavirus-support-for-small-business/#full-refund-on-statutory-sick-pay-due-to-covid-19

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