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Expert advice on SEISS update

Posted onPosted on 15th Jun

Chris Adkin, of Mansfield chartered accountants Adkin Sinclair, has given his view on the Self-Employed Income Support Scheme (SEISS) – Update on Second and Final Grant issued over the weekend.

He said the key details of this update were:

Second and final grant

This scheme is being extended. If you’re eligible for the second and final grant, and your self-employed or partnership business has been adversely affected on or after 14 July 2020 you will be able to make a claim in August 2020. You can claim for the second grant even if you did not make a claim for the first grant.

The eligibility criteria and the basis on which the calculation of the grant that you may be entitled to have not changed from the previous advice given. Please refer back to this previous advice if you need to. The level of the grant has been reduced to 70% of three months of your average profit and the overall cap on the grant has reduced to £6,570.

Vitally important key dates

The second and final grant comes in to effect for periods on or after 14th July 2020. If you make a claim for the second grant you will have to confirm that your business has been adversely affected on or after 14 July 2020 (earlier periods do not count in qualifying for this second grant period). The update now provides some examples of when the ‘adversely affected’ criteria will be met.

Remember that HMRC are currently saying that you will not be able to claim this second grant until August 2020.

Most importantly, if you have not yet claimed the first grant, if you are eligible and your business has been adversely affected Coronavirus you must make your claim for the first grant on or before 13 July 2020.

If you are unsure whether or not you qualify for this SEISS grant, please speak to me and I will assist you in checking this.

Full details of the SEISS can be found at the following link: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

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