HMRC updates guidance for self-employed coronavirus scheme

HMRC has updated its guidance regarding the eligibility of businesses for the two Self-employment Income Support Scheme (SEISS) grants.

The tax authority has published a number of examples that show when a business has been 'adversely affected' and meets the criteria for the first and second grants.

Those self-employed individuals (including those trading as a partnership) adversely affected in the period up to 13 July 2020 can claim the first grant. If they are adversely affected in the period from 14 July 2020 they can claim the second grant.

The first taxable grant is worth 80% of average monthly trading profits, paid out in a single instalment covering three months' worth of profits and capped at £7,500.

A second and final grant can be claimed in August 2020. It is worth 70% of average monthly trading profits and will also be paid out in a single instalment covering three months' profits. The grant is capped at £6,570.

HMRC confirmed that those who are self-employed and able to return to work as normal in June will not be eligible for a second grant, although they can claim a grant for the first period. HMRC's guidance of how a business might be adversely affected includes such reasons as shielding and supply chain disruption.

A full list of circumstances can be found here, and details of the SEISS can be found here.

Latest News

020 3926 4111

J.D. Bregman & Co. Ltd
First Floor
Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX


Home | Contact us | Site map | Accessibility | Disclaimer | Help |

© 2021 J.D. Bregman & Co. Ltd. All rights reserved.

We use cookies on this website, you can find more information about cookies here.

The Provision of Services Regulations 2009
We are registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales/Association of Chartered Certified Accountants. Details of our audit registration can be viewed at www.auditregister.org.uk under reference number C002869433

Our professional indemnity insurer is QBE European Operations of Plantation Place, 30 Fenchurch St, Billingsgate, London EC3M 3BD. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States or Canada.