Businesses affected by Coronavirus can still access the Recovery Loan Scheme (RLS) launched in April,…
Individuals eligible for the first Self-Employment Income Support (SEISS) grant must submit their claim by 13 July 2020.
The first round of SEISS funding allows self-employed individuals, who have been adversely affected by COVID-19 on or before 13 July 2020, to claim a taxable grant worth 80 per cent of three months’ average monthly trading profits, capped at a total of £7,500.
The cut-off date was implemented as part of an extension to the SEISS, which will see the second round of funding worth 70 per cent of three months’ average trading profits, capped at £6,570, launched on 17 August 2020.
You can claim for the SEISS if you are a self-employed individual or a member of a partnership and all of the following apply:
- You are carrying on a trade that has been adversely affected by Coronavirus;
- You traded in the tax year 2018-2019 and submitted a Self-Assessment tax return on or before 23 April 2020 for that year;
- You traded in the tax year 2019-2020;
- You intended to continue to trade in the tax year 2020-2021;
- You have trading profits of less than £50,000 and more than half of your total income comes from self-employment. This can be with reference to at least one of the following conditions:
- Trading profits and total income in 2018-19
- Average trading profits and total income across up to the three years between 2016-17, 2017-18, and 2018-19.
The scheme is not available to people working through their own limited companies.
If you are unsure of your eligibility or need support making a claim we are here to help. To find out how our team can assist you, please contact us.