The Self-Employed Income Support Scheme (SEISS)

From 1 November 2020, the SEISS grant due covering the period from 1 November 2020 to 31 January 2021, is doubled from 20% to 40% of qualifying profits. This will bring support for the self-employed in line with that for employers under the Job Support Scheme Open.

The amount that you can expect to receive is thus 40% of average historic monthly trading profits. This will be paid out in a single instalment covering three months’ worth of profits. The maximum you can get is capped at £3,750 for the 3 month period.

The amount of the second and final grant – covering the period from 1 February 2021 to 30 April 2021 – will be announced next year.

HMRC will provide full details about claiming and applications in mid-November and we’ll update you then.

You must have been eligible for the earlier SEISS grants to qualify from November onwards – so regrettably this measure won’t help those who became self-employed for the first time in the 2019/20 tax year.