Self Employed Grant Increased
Self-employed workers will be able to claim government support worth 80% of trading profits for November as England prepares to head for lockdown.
Grants will also be paid faster than previously planned – with the claims window opening at the end of November rather than the middle of December.
The move is in line with the Furlough Scheme extension, meaning an extra £4.5bn of support for the self-employed between November and January.
Chancellor Rishi Sunak said:
“The rapidly changing health picture has meant we have had to act in order to protect people’s lives and I know this is incredibly worrying times for the self-employed. That is why we have increased the generosity of the third grant, ensuring those who cannot trade or are facing decreased demand are able to get through the months ahead”
What does the self-employed grant look like now?
The self-employed grant available for November will double to 80%
The grant was extended further as part of the Winter Jobs Package in October, with two taxable grants to be paid over a six month period; the first will cover from the start of November to the end of January, and the second February until the end of April.
As SEISS grants are calculated over three months, the uplift for November to 80%, along with the 40% level of trading profits for December and January, increases the total level of the third grant across the three-month period to 55% of trading profits. The maximum grant will increase to £5,160.
- The government will provide two taxable SEISS grants to support those experiencing reduced demand due to Covid-19 but are continuing to trade, or temporarily cannot trade.
- It will be available to anyone who was previously eligible for the SEISS grant one and grant two, and meets the eligibility criteria.
- Grants will be paid in two lump sum instalments each covering 3 months. The first grant will cover a three-month period from the start of November 2020 until the end of January 2021. The government will pay a taxable grant which is calculated based on 80% of average trading profits for the November grant, and 40% for both December and January.
- The maximum grant will increase to £5,160.
- The second grant will cover a three-month period from the start of February until the end of April 2021.
- The government will review the level of the second grant and set this in due course.
Crucially, the Government says applicants must now declare they’ve been impacted by reduced demand due to coronavirus, whereas with previous grants you’ve been able to claim if you’ve suffered any adverse impact.
Our service to you
If you are a self employed, business owner/director of company looking to get your accountancy and taxation matters sorted, look no further. We are pro-active and easily accessible accountants and tax advisors, who will not only ensure that all your filing obligations are up to date with Companies House and HMRC, but also you do not pay a penny more in taxes than you have to. We work on a fixed fee basis and provide same day response to all your phone and email enquiries. We will also allocate a designated accounts manager who would have better understanding of your and business financial and taxation affairs. Book a free consultation call using the link below.
Get further information from the following pages;