The Self-Employment Income Support Scheme (SEISS) helps those adversely affected by COVID-19. Individuals can at present claim a taxable grant under the SEISS worth 80 per cent of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £7,500 in total.
The extension of the SEISS announced by the Chancellor of the Exchequer on 29 May 2020 means that eligible individuals whose businesses are adversely affected by COVID-19 will be able to claim a second and final grant when the scheme reopens for applications in August. This will be a taxable grant worth 70 per cent of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total.
The SEISS is designed to target help at those who most need it. Those who had more than £50,000 from trading profits in 2018-19 had an average total income of more than £200,000.
Those with average trading profits above £50,000 may still be eligible for other elements of the unprecedented financial support package made available by the Government. These measures include Bounce Back Loans, tax deferrals, rental support, increased levels of Universal Credit, mortgage holidays, and other business support grants.