Rishi Sunak has announced that those who are self employed will be able to claim more support during this lock down. Find out all of the details below.
The chancellor has announced that during the second lockdown, due to start on Thursday, that those who are self employed will be able to claim up to 80% of their profits. The SEISS (Self-employed Income Support Scheme) will be enhanced to 80% for all those eligible. The current scheme makes 40% of trading profits available up to the value of £3,750.
The Self-Employment Income Support Scheme Grant Extension will be available for three month periods covering November 2020 to January 2021 and February 2021 to April 2021.
Who is eligible?
You have to have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although you do not have to have claimed the previous grants)
You must also plan to continue to trade and either:
- currently actively trading but are impacted by reduced demand due to coronavirus
- were previously trading but are temporarily unable to do so due to coronavirus
To be eligible you have to have had a trading profit of less than £50,000 in 2018-19, or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19.