Thinking about selling your business? Check out these key tips before making a move, to ensure you maximise the benefits.
Calling all applications – submit your SEISS claim before 13 July
9 July 2020
For any business eligible for the Self-Employed Income Support Scheme, claims must be submitted by Monday 13th July in order to make use of the government provided support.
A reminder of what SEISS is
It’s a scheme originally introduced in May, to support self-employed individuals (including members of partnerships) who weren’t eligible for the CJRS scheme. It provides a grant worth 80% of their profits, up to a cap of £2,500 per month. HMRC uses the average profits from tax returns in 2016-17, 2017-18 and 2018-19 to calculate the size of the grant.
Even though the deadline for the first wave is on 13th July, there will be a second wave which will run for a further 3 month period up to 19th October 2020. Click here to read more on the conditions for the second wave and how to claim. It is important however to note that eligibility for the second wave must show that your business has suffered adversely as a result of COVID-19 after the 13th July, the GOV.UK website provides clarification on what this means.
The deadline is only 2 working days away, so if you would like some clarification on whether you can claim the SEISS grant for your business now or in the second wave,
then drop me a line, or give our Tax team a call now on 01604 746760.
Considering exiting your business? Then read on to see how an EOT could be the way to go.