Friday, 21st August 2020
The Self-Employment Income Support Scheme (SEISS) claims service for the 2nd Grant is now available for self-employed individuals still struggling due to the Coronavirus.
- The grant scheme opened on 17th August 2020
- Taxable grant worth 70% of average monthly earnings capped at £6,570
- Available for the self-employed or members of a partnership
- Open to new applicants, even if the first grant was not claimed
- Claims must be made on or before 19th October 2020
Have you claimed yet?
Why not? This scheme is only available for a limited time, and you could be eligible for a sizeable grant to help you and your business during these unprecedented times. Contact us now to find out how much you could be entitled to.
Self-Employment Income Support Scheme – KEY POINTS in detail
A Second Grant – How it works
The window for claiming the first grant is now closed. Therefore if you have been adversely affected by the coronavirus then you should consider this grant.
It is specifically for self-employed individuals or members of a partnership whose trade has been affected by COVID-19 on or after 14th July 2020.
You can continue to work if you receive the grant, you can also start a new trade or take on other employment including voluntary work and duties as a military reservist.
If you are eligible HMRC will notify you when you can make your claim.
This is a final grant payment and will be payable directly into your nominated bank account.
Taxable grant worth 70%
The final grant payment is taxable just as the first payment was. It is subject to income tax and self-employed national insurance.
It is worth 70% of average monthly trading profits for a three-month period.
The turnover limit of £50,000 still applies and if eligibility is not met based on the 2018/2019 tax year then HMRC will review the previous tax years instead.
This grant is capped at £6,570 and does not need to be repaid.
Who can claim?
Eligibility for this grant is the same as the first one. Read our previous article for further details.
It is also open to those that did not claim the first grant, however, have now been adversely affected by COVID-19.
Eligible individuals must have traded in the 2018/2019 tax year and submitted a self-assessment tax return on or before 23rd April 2020. You must also have traded during the 2019/2020 tax year and intend to continue to trade during the 2020/2021 tax year.
In the event that HMRC decide that you are not eligible, contact us as we can review prior year returns and accounts in detail to help with your appeal.
The claim window for the second grant is open now. All claims must be made on or before 19th October 2020.
Individuals must make the claim themselves; an agent cannot do it for you.
It is important to inform your agent that you have made a claim as this information must be entered on your self-assessment tax return.
Guidance and support
We cannot make the claim for you, however we can talk you through the process and provide you with an estimate of how much you should be entitled to.
If you think that you may be eligible to make a claim for the second grant but are not sure what to do then contact us now.
There is still time to check if you qualify and you can get an instant response by using HMRC’s eligibility checker.
GET IN TOUCH WITH ONYX
Unsure of how much grant you may be entitled to or need help with managing the grant once received?
Contact us now or e-mail us at firstname.lastname@example.org for a FREE no obligation consultation.
Got any questions or queries? Our friendly team of tax specialists are happy to help. Just drop us a line! Call us on 0121 753 5522 or 01902 759 800.
Keep up to date with the latest announcements by visiting our dedicated page https://onyx.accountants/covid/