With sole-traders, micro and SME’s facing perhaps their toughest business and financial challenges veer as a result of the COVID-19 pandemic, the Self-Employed Income Support Scheme (SEISS) grant offers those who are eligible a continued lifeline and some hope, stability and support.
This is at least some positive news.
The grant will be set at 80% of 3 months’ average trading profits, paid out in a single instalment, and capped at £7,500, for those with a turnover reduction of 30% or more; or a 30% of 3 months’ average trading profits, capped at £2,850, for those with a turnover reduction of less than 30%.
Additionally, the 4th round grant will take into account 2019 to 2020 tax returns, and will also be open to those who became self-employed in tax year 2019 to 2020. The rest of the eligibility criteria remain unchanged.
It should also be noted that the grant is subject to both income tax and Class 4 National Insurance contributions.
For further information readers can visit:
and also have a look at