Self-Employed Second & Final Grant

Self-Employment Income Support Scheme (SEISS)

You can now claim a second grant from the Self-Employment Income Support Scheme (SEISS).

You need to be an eligible self-employed individual or a member of a partnership that has lost income because of coronavirus.

Eligibility Criteria

Self-employed individuals, including members of partnerships, are eligible if they:

  • submitted their Income Tax Self-Assessment tax return for the tax year 2018-19;
  • continued to trade in 2019-20 and intend to keep trading in 2020-21;
  • carry on a trade which has been adversely affected by COVID-19;
  • have average self-employed trading profits of no more than £50,000 and at least equal to their non-trading income

Individuals can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist.

First Grant

You can claim for the second grant regardless of whether you have claimed the first grant or not.

Second and Final Grant

Eligible individuals can claim a taxable grant worth 70 per cent of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profit, and capped at £6,570 in total.

The eligibility criteria are the same for both grants, and individuals will need to confirm that their business has been adversely affected by coronavirus when applying for the second and final grant. An individual does not need to have claimed the first grant in order to be eligible for the second and final grant.

You yourself, must claim this grant – you cannot request a third party to do so on your behalf.

If you need any help or advice regarding any of the above, or for general accounting advice for your business, contact:

Tel No: 0161 926 3675

Email: jack@emmersonaccounts.co.uk