contactnew

SEISS further update

Source: HM Treasury | | 08/07/2020

HM Treasury has published a further Treasury Direction made under the Coronavirus Act 2020, ss. 71 and 76, which modifies and extends the effect of the Self-Employment Income Support Scheme (SEISS).The Direction mainly deals with the expansion of the SEISS for a final three-month period to 31 August 2020, officially referred to as the SEISS extension. The eligibility criteria remains largely unchanged.

The SEISS extension grant will be calculated based on 70% of eligible earnings (previous quarter 80%). This will result in a maximum grant for the three-months of £6,570 (Previous quarter £7,500) paid in a single instalment. The application process for the SEISS extension will open from 17 August 2020 and close on 19 October 2020. The revised guidance provides further details on the amended rules for new parents and reservists.

It is also important to note that claims for the first grant for the quarter March-May 2020 closes on 13 July 2020. In order to claim the first grant, the business in question must have been adversely affected by the pandemic on or before 13 July 2020. Likewise, in order to claim the SEISS extension (June-August 2020) the business must have been adversely affected by Coronavirus on or after 14 July 2020. A self-employed person can claim for the second grant, to August 2020, even if they had not claimed for the first grant.



 

Latest News

Job Retention Bonus policy paper published
06/08/2020 - More...
The government has published further guidance on how the forthcoming Job Retention Bonus Scheme will operate. The scheme

£50m extra funding for Customs Intermediary Grant Scheme
05/08/2020 - More...
Over the past few months, HMRC has unveiled a package of measures to accelerate the growth of the UK's customs

£20m in new grants for small businesses
05/08/2020 - More...
£20 million worth of new government grants have been released to help small and medium sized businesses across

Search News


Newsletter

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

» Sign up for the Newsletter
» Login

» Cookie Policy

» Privacy Policy

Social Media

twit-new