01142747576 bestadvice@knowleswarwick.com

Second Self-Employed Income Support grants to be paid in August

7th July 2020

Read Time: 1 minute

By Lyndsey Hall

Second Self-Employed Income Support grants to be paid in August

On 29 May the Chancellor announced that the grant scheme to support the self-employed would also be extended with a further payment based on 70% of average profits for the 3 years ended 2018/19, limited to £6,570 rather than £7,500.

The eligibility criteria remain broadly the same as the first grant claim. Self-employed profits in 2018/19 must not exceed £50,000 and must be more than 50% of your total income.

If that test is not met, then the same £50,000 and 50% tests are applied to average profits and total income over the three years (or shorter period) to 5 April 2019.

Self-employed traders need not have claimed a grant under the old scheme to qualify for the August payment and are required to confirm that their business continues to be adversely affected by Covid-19. The deadline for making a claim for a grant under the original SEIS scheme is 13 July 2020.

 

Visit our dedicated SEISS page for the full details on the self-employed scheme.

Have you made a claim under the SEISS for income lost due to the coronavirus pandemic and lockdown measures? How did you find the process? We’d love to know your thoughts, comment below or join the conversation on Linkedin.

 

Related articles: 

Changes for UK self employed after Brexit

IR35 changes postponed to April 2021

 The cost of protecting what matters

 

 

Happiness is a Positive Cash Flow

Click here for the Quickbooks website Xero Gold Partner Accountants Sage accountants, experts in cloud accounting, Sheffield, South Yorkshire 

ICAEW Chartered Accountants Click here for the ACCA website Connect Yorkshire  Sheffield Chamber of Commerce Click here for the Caunce O'Hara website 

Knowles Warwick Financial Services Limited is authorised and regulated by the Financial Conduct Authority (in respect of regulated investment, insurance and mortgage business). For regulated financial services, the Financial Ombudsman Service is the alternative dispute resolution provider.