Self-employment Income Support Scheme
*NEW* The SEISS is now open for claims to be submitted.
Use the government's tool to check your eligibility and find out when you can submit your claim. You can expect payment within 6 working days of your submission date.
The government has created a Self-employment Income Support Scheme (SEISS) to help the self-employed who are unable to access the funding that has been made available to small businesses. You could claim 80% of your trading profits up to £2,500 per month if you are eligible for SEISS, and unlike the CJRS, you won't be expected to cease working in order to receive funding.
Get in touch with our dedicated COVID-19 team of advisors to find out how much you could claim, email us at covidteam@knowleswarwick.com.
Am I Eligible for Self-employment Income Support?
In order to be eligible for the scheme, you must:
- be self-employed or a member of a partnership; and
- have lost trading/partnership trading profits as a result of COVID-19; and
- file a tax return for 2018-19 as self-employed or a member of a trading partnership (if you have not yet filed you now have an extra 4 weeks to do so); and
- have traded in 2019-20, be currently trading at the time of application (or would be except for COVID-19) and intend to continue to trade in 2020-21; and
- have trading profits of less than £50,000 and more than half of your total income is from self-employment/partnership (with reference to either your trading profits and total income in 2018-19, OR your average trading profits and total income across up to three years between 2016-17, 2017-18 and 2018-19).
The scheme is currently open until the end of June, with payments backdated to 1 March 2020, but this may be extended if the coronavirus pandemic continues. Don't miss out on the financial support that is available to you, we can help you to determine whether you are eligible, please get in touch to discuss your individual circumstances.
Next Steps
Email our dedicated COVID-19 team at covidteam@knowleswarwick.com to find out whether you are eligible and how much you could claim, or go to the government's SEISS webpage.
How do I make a claim for SEISS?
The government has launched a new tool to check your eligibility and find out when you can submit your claim. The new online service will launch on 13 May 2020 and you can expect to receive your payment in one single instalment within 6 working days of submission. The grant will then be paid directly into your bank account. Payments will start to be made by the beginning of June, and in the meantime you could be eligible to claim Universal Credit and apply for business continuity loans.
For more information on SEISS, visit the government's dedicated webpage.
