UPDATE: SEISS Round 3 Claim Rate
Following our update this morning including (amongst others) an update to Self Employment Income Support Scheme (SEISS), this afternoon (2 November) the Prime Minister announced a revision to the scheme designed to bring it more into line with the extended furlough arrangements.
As noted in previous updates and announced as part of the Chancellor’s recent ‘Winter Economy Plan’, the SEISS scheme has been extended to provide two further grants – one covering 1 November to 31 January and another covering 1 February to 30 April.
The main change to this morning’s published guidance is that the amount of grant payable for the month of November as part of the first grant will increase from 40% to 80% of the average monthly profits derived from the 2017, 18 and 19 tax returns.
The rate is currently due to remain at 40% for the December and January element, thus giving an effective rate of 55% of qualifying profits for the November to January grant.
The maximum average monthly profit on which claims can be made under the scheme is £3,125 (so £9,375 across the three months) – therefore the maximum grant that can be claimed for the November to January period is now £5,160 (an increase of £1,410 on the previously-advised £3,750).
Details around the rates for the second grant covering February to April have yet to be released, however we will publish those as soon as we have them.
The application process will be the same as for the previous versions of the SEISS grants and will open on 30 November.
Eligibility criteria also remains consistent – eligible sole traders and/or partnership members must:
- Have been eligible for the first and second SEISS grants (although don’t need to have claimed them),
- Be currently trading, intend to continue trading but have suffered due to reduced demand as a result of Coronavirus, or
- Have previously traded, intend to continue trading but have had to temporarily stop trading due to Coronavirus.
As with other recent measures, we will of seek to provide updates and details of any changes as soon as they happen.
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