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Update to the Level of Self Employed Income Support Scheme (SEISS) Payments

6th November 2020

Yesterday, the government announced that the level of SEISS grants for the period of November 2020 – January 2021 will be at 80% of 3 months average trading profit (capped at £2,500 per month).

We knew it was going to be at this level for November 2020 but different rates were to be awarded for December 2020 and January 2021 which would have previously given a grant of 55% for this period.

Therefore, the maximum SEISS payment an individual may now receive between November 2020 and January 2021 is £7,500.

The grant is also expected to extend to the three months covering February 2020 – April 2020. However, we await further details of the level of grant to be awarded for these months.

Who is eligible to claim?

This grant covers sole traders and members of a partnership who were eligible for the prior two SEISS grants (though they would not have been required to have made a prior claim).

The claimant would need to demonstrate that they intend to carry on with their trade and either 1) they were previously trading but unable to do so due to coronavirus 2) they are actively trading but adversely impacted by reduced demand due to the current pandemic.

When can I Claim

HMRC, mention that the ability to make a claim for this period will be made possible from 30 November 2020.

Tax Treatment

It is worth mentioning again, that these grants awarded will be subject to income tax and Class 4 National Insurance Contributions (in the 2020/21 tax year).

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