TTR Barnes

An announcement was made at the end of May that the SEISS scheme for the self-employed would be extended.  A valuable financial support stream for business owners impacted due to coronavirus, the second phase of this grant will be available at the end of August.

With over 2.3m claims already made under SEISS, it will be welcome news for many self-employed that the scheme has been extended for a second grant, claimable at the end of August.  The grant will be capped at £6,750 and will be paid in one instalment, based on 70% of average monthly trading profits.  This is a slightly reduced figure than the 80% for the first round of this grant, which was paid out in May to cover an initial 3-month period for March, April and May.

On announcing the grant extension, Chancellor Rishi Sunak said, “Our top priority has always been to support people, protect jobs and businesses through this crisis.

“The furlough and self-employment schemes have been a lifeline for millions of people and businesses.

“We stood behind Britain’s businesses and workers as we came into this crisis and we stand behind them as we come through the other side.

“Now, as we begin to re-open our country and kickstart our economy, these schemes will adjust to ensure those who are able to work can do so, while remaining amongst the most generous in the world.”

This second grant phase will cover the months June, July and August and, although further details have not yet been released, it is expected that the application process will follow a similar format to the first phase, with eligible applicants being pro-actively contacted via HMRC to make their claim. Importantly, eligible claimants have only until 13th July to apply for the first phase of SEISS.

At this stage you should ensure that you have checked your eligibility and claimed for the first phase of the grant before the deadline of July 13th.  This may then also quicken the application process for the second phase of grants, available at some point during August.

All information correct at time of going to print/live and on the best knowledge and understanding of the author at the time.  This article is for general information only and does not constitute financial advice or recommendations for individual circumstances.  No responsibility is taken for any actions taken on the base of the information within this article. You should not rely on it for making any investment decisions and should use professional financial advisors in this respect