Insights, News 04.11.20 Author: Martina Fitzgerald

Increase to the Self Employed Income Support Scheme

Insights, News 04.11.2020 Author: Martina Fitzgerald

The Chancellor has announced an increase to the self-employed income support scheme (SEISS) grant that will be available to self-employed individuals who continue to trade.

The third grant, covering the period 1 November to 31 January 2021, has been increased to 55% of average monthly trading profits which will be paid in a single instalment. The grant will cover three months’ worth of profits capped at £5,160. An online claim can be made from 30 November.

The fourth grant will cover the period 1 February 2021 to 30 April 2021. The Treasury have advised that they will review the level of this fourth grant and will issue further guidance on this nearer the time.

Here is a link to our previous article on eligibility and on how to claim the grant.

Please contact our tax team if you have any questions regarding SEISS or on any other issue.