Deadline: Self Employment Income Support Scheme (SEISS)

The deadline for the second grant of the Self Employment Income Support Scheme (SEISS) is fast approaching. If you are eligible, you must submit your application before the close 19 October 2020.

On 24 September 2020 the Chancellor announced that there would be two more SEISS grants to help support the self-employed over the six months from November 2020 to April 2021.

The third grant (SEISS-3) will be calculated at 20% of your average monthly profits, based on the same profit figures as were used to calculate the SEISS-1 and SEISS-2 grants.

These were derived from your self-employed profits as reported on your tax returns for 2016/17 to 2018/19, or the portion of that period when you were self-employed.

You will qualify for the SEISS-3 grant if all of the following apply:

• you were eligible for the previous SEISS grants (even if you didn’t apply for them)
• you are actively trading at the time you claim the grant; and
• your sales have been reduced due to the COVID-19 pandemic in the period from 1 November 2020 to the date of your claim

The application open date for the SEISS-3 grant is still unknown, but it will be capped at £1,875 for three months, working out at just £625 per month.

A fourth grant (SEISS-4) will be payable for three months to help you survive from February to April 2021. Details of how much this grant will be have yet to be released. The qualifying conditions for the SEISS-4 grant are likely to be similar to those for the SEISS-3 grant. We will inform you once further details have been released.

If you are concerned about the impact that COVID-19 is having on your business or personal finances, please contact your usual Monahans representative or contact your local office. We are here to help.