For any business eligible for the SEISS grant, claims must be submitted by Monday 13th July... Have you done yours?
Submit your applications now for SEISS part 2
18 August 2020
For those patiently waiting, the second and final grant for the self employed/partnerships can be applied for from Monday 17th August 2020 and will be available through to 19th October 2020. You’ll have been sent a notice by HMRC if you’re eligible for the grant.
In making the claim you need to confirm that your business has been adversely affected on or after 14th July 2020, which is an important point to note. If you need a quick reminder of what the Self Employed Income Support Scheme is, then click here.
The grant is for 70% of average monthly profits for a 3 month period. The maximum available grant is £6,570, which is slightly lower than the first wave.
Can I claim?
In order to claim you must:
- Have traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year.
- Have traded in the tax year 2019 to 2020.
- Intend to continue to trade in the tax year 2020 to 2021.
Your trading profit needs to be no more than £50,000 and be at least 50% of your total income.
Claims must be submitted by 19th October 2020.
was the ‘first wave’ a success?
According to the Governments figures, over 2.7 million people have benefited from the first wave of the SEISS receiving £7.8 billion of grants.
However, people who became self-employed during 2019/20 weren’t and still aren’t eligible for any support under the second round of SEISS.
You may have seen reports that some people were overpaid when the first payment was made. This will not need to be repaid but the second payment will be adjusted and to the correct level.
It’s important to remember that the grants are taxable and all amounts received need to be included in your 2020/21 tax return.
If you’d like some clarification on whether you’re eligible to apply for the second wave of SEISS,
then contact me or give the Tax team a call on 01604 746760, and we’d be happy to help.
With the SEISS being extended, this allows more business owner access to much needed funding.