Government increases support for self-employed across the UK
It was announced on the 2 November that the government is increasing its support to the self-employed over the coming months and ensuring people get paid faster than previously planned.
To reflect the recent changes to the furlough scheme, the UK-wide Self-Employment Income Support Scheme (SEISS) will be made more generous – with self-employed
individuals receiving 80% of their average trading profits for November.
To ensure those who need support get it as soon as possible, payments will also be made more quickly with the claims window being brought forward from
14 December to 30 November.
As SEISS grants are calculated over three months, the uplift for November to 80 percent, along with the 40 percent level of trading profits for December
and January, increases the total level of the third grant to 55 percent of trading profits. The maximum grant will increase to £5,160.
To be eligible for the Grant Extension self-employed individuals, including members of partnerships, must:
- have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants);
- declare that they intend to continue to trade and either:
- are currently actively trading but are impacted by reduced demand due to coronavirus;
- were previously trading but are temporarily unable to do so due to coronavirus.
If you need any additional information please don't hesitate to contact our Tax Partners, Steve Crompton or Lucy Williams on the details below:
Partner – Head of Tax
direct dial: 01942 292541
mobile: 07790 840394
direct dial: 01942 292543
mobile: 07807 053494