If you are self-employed, there is still a chance to claim Self-Employment Income Support Scheme (SEISS).
The scheme is there to help self-employed people whose businesses have been affected by the coronavirus lockdown.
After chancellor Rishi Sunak came under pressure to give support similar to those offered to employees of struggling businesses, he offered grant worth 80 per cent of the average monthly trading profits of self-employed workers. Like with employees of affected businesses, the income support is capped at £2,500.
When you make your claim, your first grant is backdated to cover a three-month period, until the end of May. You must make your claim on or before the 13th of July 2020. There will be another grant available in August 2020 that will cover the following three months. This grant will be up to 70 per cent of your average monthly trading profits, capped at £2,190 per month.
You do not need to repay the grant, but it will subject to Income Tax and self-employed National Insurance.
Who is eligible for the grant?
You are eligible to claim the grant if your trade has been adversely affected by the coronavirus lockdown. You traded in the tax year 2018 – 2019 and completed your Self Assessment tax before 23 April 2020. Claim can also be made if you traded in the tax year 2019 – 2020. The government requirements also state that in order to be eligible you must continue, or intend, to trade in the tax 2020 – 2021.
If you fulfil the above requirements and you haven’t already applied, apply now and claim your self-employment income support.