COVID19, Self Assessment, Tax

Claim your 2nd Grant for the Self Employed Income Support Scheme (SEISS) from 17 August 2020

Posted on by sharon baker

Today’s the day you can claim your 2nd grant for the Self Employed Income Support Scheme. Let’s have a look at who can claim, and how.

 

What is the 2nd grant?

  • This 2nd grant covers the period 1 June 2020 to 31 August 2020
  • The grant will be 70% of your average profits, in line with the furlough grant reductions from August 2020
  • Grant will be capped at £6,570 for the 3 months to 31 August 2020, or £2,190 per month
  • We’re assuming the 70% will be calculated on the same average profits as the previous grant (3 years to 2019)
  • To calculate your grant, take the grant you received in May and divide by 80 and multiply by 70 to get your new grant (assuming you’re entitled to the full grant)

How do I claim?

  • You can claim the grant from August 2020.
  • You must be able to show that your business was still adversely affected by the pandemic at 14 July 2020.
  • Make a claim here.

How do I show I’ve been adversely affected?

  • Examples of how your business could be adversely affected include the following:

You’re unable to work because you:

    • are shielding
    • are self-isolating
    • are on sick leave because of coronavirus
    • have caring responsibilities because of coronavirus

You’ve had to scale down, temporarily stop trading or incurred you’ve additional costs because:

    • your supply chain has been interrupted
    • you have fewer or no customers or clients
    • your staff are unable to come in to work
    • one or more of your contracts have been cancelled
    • you had to buy protective equipment so you could trade following social distancing rules
    • More examples from HMRC here of how you have may have been adversely affected

    • Who can claim?

    • In addition to showing you’ve been adversely affected, the following must also apply to you:
    • you traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
    • you traded in the tax year 2019 to 2020
    • you intend to continue to trade in the tax year 2020 to 2021

What if I need help?

We’re not allowed to complete your claim for you, but we can help you to understand whether you are eligible

Please get in touch if we can assist

We’re here for you

Check out our new COVID19 Resource page for loads of info.
Join our private Facebook page for Small Business Owners.
Book in a 30 minute zoom call with me.

Register for our Small Business Monthly Check In

Stay safe. Stay strong.

Sharon x

 

sharon baker