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Self Employed Income Support Scheme EXTENDED
11 June 2020
It may seem a sigh of relief as the Chancellor announced on 29th May, that the Self Employment Income Support Scheme (SEISS) would be extended for a further and final 3 months. For business owners looking for extra funding and support, to keep afloat, this came as extremely good news.
Looking at the statistics below, you’ll see that to date 2.3 million claims have been made to a value of £6.8 billion.
Self-Employment Income Support Scheme management information
|Total claims made as of midnight||Total number of claims made||Total value of claims made|
Can I still apply?
Fear not! If you’ve yet to apply for the scheme, applications are still open for the first wave of grants until Monday 13th July. This means for eligible individuals, they can claim a taxable grant worth 80% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total. If successful, the amount will be paid into your account within 6 working days of submitting the claim.
It’s important to consider that from August, this amount will reduce slightly to 70% of your average monthly trading profits and will be capped at £6,570 for a single payment covering the 3 months. More information on exact details can be found on the GOV.UK website.
The amount received is based on an average of up to the last 3 tax returns submitted and it’s important to remember any money you do receive is a grant and so is taxable.
For anyone who started to trade after the 2018/19 tax year no support is available however and so many people have been left with no access to support through SEISS although other options such as the Bounce Back Loan and Universal Credit may be available.
We’ve supported clients through a number of claims to date and many have been successful. so, if you’re yet to make a claim, there is still time to do so and our Tax team can help you with the process.
Even if HMRC have said you’re not eligible for a claim or you do not agree with the amount rewarded, we can also help you appeal against HMRC’s decision.
So, don’t wait, contact us now.
If you have assets like property and company shares, it’s essential to plan well ahead and protect loved ones.