Next self-employed income support increased to 55% of profits

How does SEISS work?

The Self-Employed Income Assistance Scheme (SEISS) is made up of four taxable government grants for the self-employed. There were initially only two grants (these two are now closed), but in September Chancellor Rishi Sunak announced that a third and fourth grant will be deployed.

This means that government support for the self-employed will now be extended until April 30, 2021. However, the extension means that there is now effectively 12 months of support over a period spanning 14 months – here is what Martin has to say about it.

The four grants are similar. The main differences are when they are available, their value and stricter eligibility criteria for the third grant compared to the previous two. The first two grants were open to those whose businesses have been “severely affected” by the coronavirus, while those who apply at the second two must declare that they have been specifically “impacted by the decline in demand” as a result of the coronavirus .

Although the third grant has now been increased, it will still cover a lower amount than the previous two grants. Most importantly, only those who were eligible for the first and second grant can apply for the third, meaning those who were previously excluded and still excluded. See all information, including precise eligibility criteria, in our Income assistance scheme for self-employed workers.

Richard V. Johnson

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