The chancellor has made a further Treasury
Direction in relation to the SEISS under the Coronavirus Act 2020 ss 71 and
76, reflecting the extension of the scheme until 19 October 2020.
The extension means that a second and (currently) final grant
can be claimed from 17 August 2020 and will be available to businesses which
have been ‘adversely
affected’ by coronavirus on or after 14 July 2020. The grant will be
taxable and will be worth up to 70% of average monthly trading profits, paid in
a single instalment covering three months’ worth of profits and capped at a
maximum of £6,570 in total.
HMRC’s guidance How
different circumstances affect the self-employment income support scheme
now includes new sections for those making a claim under the SEISS where
trading profits for tax year 2018/19 were affected by having a new child, and
for military reservists who carried out specified reservist activities which
affected their trading profits for that year.
The Low
Incomes Tax Reform Group is encouraging self-employed individuals impacted
by coronavirus to double-check whether they are entitled to the first round of
the SEISS grant before the claim window closes on 13 July 2020.
The chancellor has made a further Treasury
Direction in relation to the SEISS under the Coronavirus Act 2020 ss 71 and
76, reflecting the extension of the scheme until 19 October 2020.
The extension means that a second and (currently) final grant
can be claimed from 17 August 2020 and will be available to businesses which
have been ‘adversely
affected’ by coronavirus on or after 14 July 2020. The grant will be
taxable and will be worth up to 70% of average monthly trading profits, paid in
a single instalment covering three months’ worth of profits and capped at a
maximum of £6,570 in total.
HMRC’s guidance How
different circumstances affect the self-employment income support scheme
now includes new sections for those making a claim under the SEISS where
trading profits for tax year 2018/19 were affected by having a new child, and
for military reservists who carried out specified reservist activities which
affected their trading profits for that year.
The Low
Incomes Tax Reform Group is encouraging self-employed individuals impacted
by coronavirus to double-check whether they are entitled to the first round of
the SEISS grant before the claim window closes on 13 July 2020.
