Wednesday 17 June 2020

Updated HMRC Guidance on Self-employment Income Support Scheme



HMRC has published its updated guidance to confirm who is eligible for the two Self-employment Income Support Scheme (SEISS) grants.

HMRC has published examples on its website which details when it considers a business has been 'adversely affected' by COVID-19 and would meet the criteria for the 1st and 2nd SEISS grants.

The first grant is available to self-employed business owners adversely affected up to 13th July 2020, and the second grant is available to self-employed business owners affected after 13th July 2020.

HMRC has provided some guidance on the meaning of ‘adversely affected’.  This includes being unable to work because the taxpayer is shielding, self-isolating or is on sick leave or has care responsibilities because of coronavirus. It also includes scaling down or temporarily stopping trading because the supply chain has been interrupted, the business has fewer or no customers or staff are unable to work.

The first grant is calculated as 80% of three months of trading profits, up to a maximum of £7,500. The second grant is calculated as 70% of three months of trading profits, up to a maximum of £6,570.

Applications for the first grant are open now and will close on 13th July 2020. Applications for the second grant will open in August.

HMRC has confirmed that if you are self-employed and able to return to work as normal in June you will not be eligible for the second SEISS grant.


No comments:

Post a Comment