As part of support for businesses through the coronavirus pandemic, the UK government has increased the support available under the SEISS Grant Extension – doubling the value of the third grant from the originally announced 20% up to 40% .
This brings support for the self-employed in line with that for employers under the Job Support Scheme for businesses which can remain open.
The value of the first SEISS Grant Extension, covering the period November 2020 to the end of January 2021, will double. This means that the UK government will provide an initial SEISS grant based on 40% of three months’ average trading profits, paid out in a single instalment, and capped at £3,750 in total.
To ensure that support will be targeted to those who most need it, SEISS Grant Extension will be available to self-employed individuals who temporarily cannot trade as well as those continuing to trade and facing reduced demand due to COVID-19.
HMRC will be providing full details about claiming and applications in mid-November, we will post an updated blog once the guidance is released.