Contractors & FreelancersCOVID-19Small to Medium Businesses

Self Employed Income Support Scheme Extended

By June 4, 2020 No Comments

Have You Claimed Yet? You Only Have Until 13th July to Claim Your First Bulk Payment.

Many self-employed people have been disproportionately affected by the coronavirus pandemic – going hand-in-hand with the government’s less than ideal approach to financially supporting this important sector. The SEISS scheme has been extended, which will come as a welcome relief to those who qualify for it, until August 2020.

Independent hairdresser at work

In May the government announced that the Self Employed Income Support Scheme (SEISS) would be available to self-employed people who qualify under the scheme to claim 80% of their trading profits per month for a maximum of three months. The three months’ worth of support would be paid in one bulk payment in June covering March, April and May – a delay which has left many self-employed people forcibly out of work. This has once again highlighted that the self-employed are treated differently, unfairly. Especially unfair in that many self-employed do not qualify and have been left with little or no support.

Looking for advice on applying for SEISS? Read our Step-By-Step Guide here. If you haven’t applied yet but do qualify (see qualification criteria on that link) you may still apply for the first bulk payment up until the 13th July – so please do not delay.

 

This less than fair theme has continued by the government with the extension of the SEISS scheme to cover June, July and August. The next 3 month grant payment for those who qualify for the scheme will be 70% of trading profits capped at £6,570. Employed individuals will still be able to access up to 80% of their salaries via the Coronavirus Job Retention Scheme until September when this scheme will be tapered to up to 70% of salary.

Eligibility for the second grant is the same as the first, you might be able to claim  if you’re getting less work or no work because of coronavirus (COVID-19), Details on how to  claim a grant through the coronavirus Self-employment Income Support Scheme are on HMRC’s website.

While the scheme extension will be welcome news to many, we can see the inequality clearly; still there is little or no support for any PSCs or business owners who have been negatively affected.

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