Along with an extension to the assistance for employers in the form of the flexible furlough scheme, the Chancellor has announced a second, if smaller, Self-Employed Income Support Scheme (SEISS) grant.
Mirroring the reduction in the CJRS, the new grant will cover a further three months of profits for business owners who qualified for the original grant, but will be limited to 70% of previous profits. The payment is again capped, this time at £2,190 per month. The maximum second grant is therefore £6,570 for eligible taxpayers.
Self-employed taxpayers have until 13 July to claim the first grant and the system to claim the second payment is expected in August. Further details are expected on 12 June.
To discuss the scheme in more detail, or to find out how we can help you, please contact us.
These details are in accordance with Government guidelines on 29 May 2020.
The information contained in this guidance has been obtained from public sources and every attempt has been made to ensure its accuracy at the date of publication. In this ever changing environment, this information is subject to change and we will not accept liability for losses arising from changes in the law or the interpretation thereof.