Self Employment Income Support Scheme - Round 2

The government have announced that the deadline for the first round of Self Employment Income Support Scheme (SEISS) claims is 13 July 2020.

The first round, initially intended to cover the months of March, April and May 2020, has been extended to cover adverse impacts on self employed income as a result of Coronavirus up to and including 13 July (i.e. the first round claim deadline).

As a reminder, the first round of the scheme provides a grant of up to £7,500 based on 80% of the average monthly self employed and/or partnership profits for the 2017, 2018 and 2019 tax years (capped at £50k per annum) for three months.

The second round of the scheme then commences from 14 July - those whose profits suffer adversely from that point onwards are eligible to claim up to £6,570 based on the same calculation process as the first scheme above but reduced to 70% of the average monthly profits.

Claims under the second round of the scheme can be made from August via the same mechanism as the first, with the exact date yet to be confirmed.

The cessation date of the scheme is also yet to be announced, however we expect it to run roughly in alignment with the Job Retention Scheme which we know is set to end in October – we’ll seek to provide an update on this when we have it.

If you have any questions regarding this or anything else please get in touch, and for regular updates, announcements and news please check our website (www.dsaprospect.co.uk) and make sure you’re following our LinkedIn page: https://www.linkedin.com/company/dsa-prospect-ltd