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UK Self-employed Scheme Extension Granted

Article Issue #39
Self-employed Scheme Extension.

UK Self-employed Scheme Extension Granted

06 Jul, 2020 | Bankis

Self-employed people have been entitled to support from the Government during the coronavirus pandemic. Now a second a second grant may be available soon.

Chancellor Rishi Sunak introduced several financial measures to help keep people earning money during the coronavirus crisis. Mr Sunak announced that the Self-Employment Income Support Scheme was intended to support people who are self-employed. The good news is that people will soon be able to claim for a second final grant the scheme, providing they are eligible to benefit from the scheme and prove their business has been adversely affected on or after July 14, 2020. This second grant will also be the final grant people will be able to claim.

As of the end of May, 2.3 million claims had been made to the self-employment scheme, with grants issued totalling more than £6.8 billion. Recently Mr Sunak announced self-employed people will be able to claim for a second and final grant in August. The grant will be worth 70% of average monthly trading profits and capped at a total of £6,570 and cover the months of June, July and August.

Individuals can apply for the first SEISS grant until July 13, and apply for a second grant from August 17th 2020. Further details on how to apply for this grant can be obtained on the HMRC website where also applicants can check for eligibility and dates to apply. It has also been known that applicants can apply for the second grant even if they have not made a claim for the first grant which date will expire on July 13th 2020.