Is your business ready for Brexit? The UK left the European Union on 31 January 2020 and entered a transition period which is due to end on 31 December 2020.
The Government will open the second and final Self-Employment Income Support Scheme (SEISS) grant in August.
While it does work in the same way as the first grant, it will be worth 70% of your average monthly trading profits, rather than 80%, and capped at £2,190 per month, or £6,570 in total.
Like the first grant, it will be paid in one instalment.
You do not have to have claimed the first grant to be eligible and claim for the second grant. The criteria remain the same, but there is a difference which you need to be aware of before you claim, which is that you must confirm that your business has been adversely affected by coronavirus on or after 14 July.
This has been causing controversy as it could very easily be that your business was severely affected in May and June, but it is on the road to recovery in July. If that is the case, it is likely you cannot claim this second tranche.
HMRC have said that apparently the grants don’t now relate to a specific three-month period as was initially thought, but they are just grants based on three months trading profits.
If you are self-employed and COVID-19 has impacted your business on or after 14 July, you can use this link to check out the Self-Employment Income Support Scheme rules and also see if you are eligible.
If you have not claimed the first grant, you have until 13 July to put forward your claim.
Full details can be found here
If you would like advice or further support, please do contact us via email on firstname.lastname@example.org.
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