Applications for the second Self-Employment Income Support Scheme (SEISS) grant can be made from Monday 17th August 2020!
For those of you who were eligible for the first SEISS grant, you will be able to apply for the second grant from 17th August 2020. The eligibility criteria is the same as for the first grant, the only exception is that you must also be able to confirm that your business has been adversely affected on or after 17th July 2020.
If you didn’t apply for the first grant, you can still apply for the second if you think you’re eligible.
What you’ll get
This is pretty similar to the first grant, but a bit less. The first grant was worked out based on 80% of your average trading profits, whereas the second grant is based on 70%. In short, you’ll get 87.5% of what you got the first time around.
How to claim
We expect the process to be very similar to what applicants experienced the first time around. Applications are made online and you will most likely need to have the following information to hand:
- Your Unique Tax Reference Number (UTR) – you can find this on most letters from HMRC or on your tax return
- Your National Insurance number
- Your Government Gateway Login
- Your bank account and sort code
More information, including how to apply (when the time is right!), can be found here.
After you claim
Your claim will be checked and the grant will be paid into your bank account in the following 6 working days. You will also receive an email when your payment is on its way.
That being said, HMRC do reserve the right to withhold or recover payments if your claim:
- Is based on inaccurate information (if your previous tax returns turn out to be wrong)
- Is paid in error – lord knows what that means
- Is fraudulent or abusive or not made for the purposes described – I guess this might mean if business is now booming because of the pandemic, then maybe you shouldn’t necessarily apply – (maybe you make Covid-19 themed T-shirts/Mugs, who knows)
Once again, and rather boringly, it’s worth pointing out that this grant is considered taxable income and will need to be reported on your tax return.
If you cannot find the information you need, or you would like to discuss any queries you have, please do get in touch with the team.