The government is increasing its support to the self-employed over the coming months and ensuring people get paid faster than previously planned.
It has been announced over the past week, that the Government has increased support under the third instalment of the Self-Employment Income Support Scheme (SEISS), with people receiving 80% of average trading profits for November.
As SEISS grants are calculated over three months, the uplift for November to 80%, along with the 40% level of trading profits for December and January, increases the total level of the third grant to 55% of trading profits. The maximum grant will increase to £5,160.
It has been stated that grants will also be paid faster than previously planned – with the claims window opening being brought forward from 14 December to 30 November.
These changes will ensure that self-employed individuals who temporarily cannot carry out their business or have suffered reduced demand due to the outbreak are supported over winter.
In September, the Chancellor announced an extension of the SEISS to provide support throughout the Winter period, with two grants to cover the period until April.
The SEISS continues to be just one element of a comprehensive package of support for the self-employed. In addition to this they can also access other elements of the package which includes Bounce Back Loans, tax deferrals, rental support, mortgage holidays, and other business support grants.
Eligbility for the Grant Extension
Self-employed individuals, including members of partnerships, must:
- have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)
- declare that they intend to continue to trade and either:
– are currently actively trading but are impacted by reduced demand due to coronavirus
– were previously trading but are temporarily unable to do so due to coronavirus
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If you require further information on the SEISS please contact us and speak to one of our expert team on 03302233660 or firstname.lastname@example.org.