Self-Employment Income Support Scheme (SEISS)
The Government had already announced an extension to the SEISS under its plan for local lockdowns, which would ensure that self-employed workers would receive two more grants between November 2020 and April 2021.
The first of these grants covering the three months from 1 November 2020 until 31 January 2021 was to provide a taxable grant covering 40 per cent of average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £3,750 in total.
However, now the Government has decided to increase the total grant from 40 per cent to 55 per cent of trading profits for November to January, while the grant will be capped at £5,160.
To confuse matters slightly, in Parliament, the Prime Minister announced that support to the self-employed would increase from 40 per cent of trading profits to 80 per cent for November. As this would only be for just one month and claims are made over three, the amount available in total for the period has been adjusted to account for this.
To ensure that those who need support get it as soon as possible, payments will be made more quickly, with the claims window being brought forward from 14 December to 30 November.
The level of the second SEISS grant, running from 1 February 2021 until 30 April 2021, will be reviewed by the Government and set in due course.