SEISS extended from November to April
The government’s Self-Employment Income Support Scheme (SEISS) has been extended.
The extension will provide two grants and will last for six months, from November 2020 to April 2021.
Grants will be paid in two lump sum instalments each covering a three-month period.
The grant extension is for self-employed individuals who are currently eligible for the SEISS and are actively continuing to trade, but are facing reduced demand due to coronavirus.
The first grant will cover a three-month period from the start of November until the end of January.
HMRC will provide a taxable grant covering 20% of average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £1,875 in total.
According to HMRC, it is providing broadly the same level of support for the self-employed as is being provided for employees through the Job Support scheme.
The second grant will cover a three-month period from the start of February until the end of April.
HMRC will review the level of the second grant and set this in due course.
The grants are subject to Income Tax and National Insurance contributions.