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Coronavirus: Understanding the Self-Employment Income Support Scheme

self-employed workers

(updated 29/5/20)

The UK Government extends Self-Employment Income Support Scheme

Support to help the self-employed through the coronavirus lockdown has been extended for a further three months.

Those eligible under the Self-Employment Income Support Scheme (SEISS), which has so far seen 2.3 million claims worth £6.8 billion will be able to claim a second and final grant in August. The grant will be worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total.

For more information about the Self-employment Income Support Scheme please read the full press release

If you need any advice from our team of legal experts, please email commercial@loosemores.co.uk or call us on 02920 224433. Please contact Karl Thomas, Partner and Head of Employment and Dispute Resolution or Siôn Tudur, Partner in the Corporate and Commercial team to find out more. 

 

The UK Government has announced unprecedented financial measures to support self-employed workers during the coronavirus pandemic.

Self-employment Income Support Scheme (SEISS)

  • This scheme will allow self-employed workers to claim a taxable grant worth 80% of their trading profits up to a maximum of £2,500 per month for the next 3 months.
  • Income will be calculated by taking the average income over the last three years. Payments will likely commence in June (backdated to the 1st of March).
  • Self-Employed workers can claim these grants and continue to trade. (not same as job retention scheme where the employee must not work for an employer whilst being placed on furlough).
  • Only available to those with average trading profits less than £50,000.
  • Only open to those who have traded in the tax year 2019-20 and have submitted a tax return for 2019 (to minimise fraud). However, those who were due to submit a tax return by 31 January 2020 and have not yet done so have until 23rd April 2020 to submit their 2019 tax return for the year.
  • HMRC will contact those who are eligible and invite them to fill out an online form.
  • The SEISS will be open to people across the UK for at least 3 months.  However, the scheme is unlikely to be up and running before the end of June, so it will not help with immediate cash flow issues.

For more information about the Self-employment Income Support Scheme please read the full press release

For more information about the coronavirus visit Public Health Wales.

If you need any advice from our team of legal experts, please email commercial@loosemores.co.uk or call us on 02920 224433. Please contact Karl Thomas, Partner and Head of Employment and Dispute Resolution or Siôn Tudur, Partner in the Corporate and Commercial team to find out more. 

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