Business Services, Personal Tax Services
3rd November 2020

The government yesterday announced that it is increasing its support to self-employed individuals over the coming months and ensuring people get paid faster than previously planned.

The UK-wide Self-Employment Income Support Scheme (SEISS) will be made more generous – with self-employed individuals now receiving 80% of their average trading profits for November.

And to ensure those who need support get it as soon as possible, payments will be made more quickly than previously planned, with the claims window being brought forward from 14 December to 30 November.

The changes have been put in place to support self-employed individuals who temporarily cannot carry out their business or have suffered reduced demand due to the outbreak over the winter.

In addition to the SEISS, the self-employed can also access other elements of the government support package which includes Bounce Back Loans, tax deferrals, rental support, mortgage holidays, and other business support grants.

The deadlines for applications for government-backed loan schemes and the Future Fund have been extended until 31 January 2021.

Further information

To be eligible for the Grant Extension self-employed individuals, including members of partnerships, must:

– have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)
– declare that they intend to continue to trade and either:
– are currently actively trading but are impacted by reduced demand due to coronavirus
– were previously trading but are temporarily unable to do so due to coronavirus

If you would like further help or advice please contact us.

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