DING DING – SEISS Round 2!

5th August 2020

Claims for the second round of the Self Employed Income Support Scheme (SEISS) can be made from 17 August to 19 October.  The online claims service is not available yet: HMRC are expected to release further information shortly.

 

The second SEISS payment:

  • Amounts to 70% (previously 80% for the first grant) of average monthly trading profits
  • Covers 3 months’ worth of profits
  • Is capped at £6,570 (previously £7,500 for the first grant).

 

Eligibility tests and the definition of average monthly trading profits remain the same as for the first payment.  However, in order to qualify for the second grant the business must be ‘adversely affected by COVID-19’ on or after 14 July 2020.  Some examples of ‘adversely affected by COVID-19’ can be found here.

 

There is no requirement to have made a claim for the first grant in order to qualify for the second.

 

Both SEISS grants must be reported in full on the 2020/21 Self Assessment Tax Return, regardless of the basis period of the accounts, method of accounting, or date of receipt of the money.

 

If any individual claims an amount they are not entitled to, they must notify HMRC and repay it by the latest of:

  • 90 days after the legislation was given Royal Assent, so by 20 October 2020, or
  • 90 days after the date the grant was received.

 

Failure to do so can result in recovery of the grant, plus interest and penalties.  If an individual knew they were not entitled to the SEISS payment when they received the money, they could face a ‘deliberate and concealed’ penalty of up to 100%.  Further details of how to repay HMRC can be found here.

 

It has been made quite clear that this will be the final extension of the scheme, and therefore no further payments are expected.

 

If you have any queries regarding the SEISS scheme then please speak to your usual Whiting and Partners contact.

Other items in Arts & Entertainment
Emily Haines
15th March 2021 SEISS for the newly self-employed in 2019/20

HMRC are writing to some individuals who started their sole trade/self-employment in 2019/20 and wish to claim the fourth and fifth self-employment income support scheme grant (SEISS). These individuals will be asked to complete some verification checks to confirm their identity and proof of their self-employment.   These individuals should receive a letter from 8th…

Lisa Smith
26th November 2020 SEISS 3rd Grant– Guidance issued on how trading conditions affect eligibility

To be eligible to claim for the third Self-Employment Income Support Scheme (SEISS) grant you must either:   be trading and impacted by reduced demand due to coronavirus, or have been trading but are temporarily unable to do so due to coronavirus.   To help businesses understand whether they are eligible for the 3rd SEISS…

Jodie Pheby
5th August 2020 DING DING – SEISS Round 2!

Claims for the second round of the Self Employed Income Support Scheme (SEISS) can be made from 17 August to 19 October.  The online claims service is not available yet: HMRC are expected to release further information shortly.   The second SEISS payment: Amounts to 70% (previously 80% for the first grant) of average monthly…

Lisa Smith
9th July 2020 REMINDER – Deadline for SEISS grant is 13 July 2020

Further to my blog on 22 June 2020 (please see below), just a reminder that the deadline for applying for the first SEISS grant is 13 July.   Those eligible under the Self-employment Income Support Scheme (SEISS) will be able to claim a second and final grant in August 2020.The grant will be worth 70%…

Lisa Smith
22nd June 2020 COVID-19 – Second Government Grant for the Self Employed

Those eligible under the Self-employment Income Support Scheme (SEISS) will be able to claim a second and final grant in August 2020.The grant will be worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,750 in total.  The eligibility criteria remain…

Lisa Smith
22nd June 2020 COVID-19 – Reminder – Deadline for Self Employed to Claim the First SEISS Grant

The deadline for applying for the first grant under the Self Employment Income Support Scheme (SEISS) is 13 July 2020.  This grant, which is available to eligible individuals, amounts to 80% of your average monthly trading profits.  The grant covers a period of three months and is capped at a maximum of £7500.  To find out whether…