Latest Advice for Self-Employed Residents

Share

Posted on24 Jun 2020

Our latest update from Martin Bell, Money and Benefits Adviser, includes information about the extension to the government’s Self-Employed Income Support Scheme (SEISS) and details about a new website to help those in need of employment and benefits support.

Self-Employed Income Support Scheme (SEISS)

The SEISS is now being extended further to give more security to people whose livelihoods continue to be affected by Covid-19. Those eligible will be able to claim a second, and final, grant soon which will be worth 70% of the average monthly trading profits and is capped at £6,570. The online service for this second grant is not available to apply for yet but is due to be open for applicants in August.

Individuals can continue to apply for the first SEISS grant until 13 July 2020. Under the first grant, eligible people can claim a taxable grant worth 80% of their average monthly trading profits and is capped at £7,500.

The eligibility criteria are similar for both grants. To qualify for the second grant, you will need to confirm that your business has been adversely affected by Covid-19 on or after 14 July 2020. You do not need to have claimed the first grant to receive the second grant. If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist. The grant does not need to be repaid but will be subject to Income Tax and self-employed National Insurance. HMRC will work out if you are eligible and how much grant you may get. Further information can be found on the government website.

Universal Credit

The Department for Work and Pensions has launched a new campaign around Universal Credit and Covid-19. The new website aims to provide clear information on employment and benefits support with advice on housing, furlough, sick pay and self-employment. It also contains guidance for people already claiming and those who are considering making a new claim. Further information can be found on their new website here.

If you have any questions or queries about money and benefits please do get in touch by calling us on 0800 587 0211, alternatively more information is also available on our updated webpage here.