More increases to self-employment income support scheme

Nov 09, 2020

Last week the Chancellor announced, just three days after his previous extension of the self-employed income support scheme (“SEISS”), that the Government is further increasing the overall level of the third SEISS grant from 55 percent to 80 percent of trading profits. Previously the third grant was to be 80 per cent for the month of November 2020 only.

The third grant will cover the three-month period from 1 November 2020-31 January 2021 and will be a taxable grant based on 80 per cent of three months’ average trading profits, paid out in a single instalment and capped at £7,500.

The SEISS grant extension will last for six months in total, from 1 November 2020 to 30 April 2021. A further fourth grant will cover the period February to April, as grants will be paid in two lump sum instalments each covering a three-month period. The Government will set out further details, including the level of that grant, in due course.

Full details on checking if or your clients are eligible for the current grant and how to claim will be published in the week commencing 23 November with applications expected to open from 30 November.