SEISS grant: last chance to apply
15th October 2020
Self-employed people who wish to apply for the second self-employment income support scheme (SEISS) grant must do so by 19 October.
The second grant was launched as a result of the COVID-19 crisis and covers up to 70% of average trading profits between June and August, up to a maximum of £6,570.
Applications for the Government's first grant, covering 80% of average trading profits between March and May up to £7,500, closed earlier this year.
As part of the Government’s winter economy plan, Chancellor Rishi Sunak announced a further extension to SEISS.
This will consist of two new grants, with the first covering the period from November 2020 to April 2021 and offering 20% of average monthly trading profits, capped at £1,875 in total.
The second grant will cover the three months from February 2021 to April 2021, with further details yet to be released.
In addition, the Chancellor announced new tax deferral measures. Taxpayers with up to £30,000 in self-assessment liabilities due in January 2021 will be able to use HMRC's time-to-pay facility to pay over an extra 12 months.
In effect, this means those who deferred their payments on account in July 2020 will not need to pay their bill in full until 31 January 2022.
On the Government guidance page for the SEISS scheme, HMRC said:
“We will work out your eligibility for the second grant in the same way as the first. If you’ve previously requested a review, please do not contact us again as your eligibility will not change.
“We use the information you or your tax agent or adviser sent us on your self-assessment tax returns to work out eligibility.”
Speak to us about your options.