All you need to know about the extension of the SEISS

For those of us that are unemployed at the moment the air of uncertainty is unsettling. With some of the self-employed almost feeling unsupported and left out. However, with the recent lockdown in England, we have seen a massive u-turn by the government extending not only the furlough scheme but also the SEISS (Self-employed income support scheme).

With the most recent lockdown announced in only England for four weeks, we see all but essential businesses forced to shut. Essentially putting work on hold for millions of the self-employed around the country. With the outlook bleak however, the government has acknowledged the precarious situation that was facing the self-employed and they have stepped in.

The scheme that has been critical to those who are self-employed has been extended for a further 3 months. Allowing the self-employed to claim for a further two grants, each of these available for 3 month periods covering November 2020 to January 2021 and February 2021 to April 2021.

The eligibility criteria for the scheme remains the same, open to those who were previously supported by the scheme or new-found self-employed who were intending to trade prior to the lockdown and that their current is trade is hindered and obstructed by the new rules that were brought into effect.

The support that the scheme offers also remains the same, with the government supporting the self-employed with a taxable grant that can cover up to 80% of a salary capped at £2,500 over three months. Each of the grants provided is also subject both to tax and national insurance contributions.

Again this is paid out in a single instalment of up to £7,500 to allow those who are self-employed to survive until they can trade again. The government has also announced its intention to provide potentially a fourth grant in March 2021 to further provide support to the self-employed as they hope that both them and the public and private sector can start to bounce back properly as vaccines begin to be rolled out.

If you wish to claim SEISS either again or for the first time the online service that allows you to apply for the grants will be available from the 30th November on the government website

Further, if you wish to know more about how the SEISS can benefit your business and what other support is out there for you if you are self-employed why not get in touch with a member of the team here at D&K Accounting.

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