Blood Sweat and Tiers (SEISS)
Chancellor Rishi Sunak has announced important updates to the Self-Employment Income Support Scheme (SEISS). Keep up now.
SEISS is a taxable Government grant for self-employed individuals. There are four grants in total: the first two are now closed and the third one will open on November 30. The fourth one won't be available until February next year.
The third self-employed (SEISS) grant is for 80% of average trading profits capped at £7,500 for the whole three-month period between 1 November to 31 January. You can apply for the grant from 30 November.
To be eligible, you must now declare that your business has been impacted by reduced demand due to Covid-19 in the qualifying period. You must have
- filed a tax return for 2018/19
- earn more than 50% of your total income from self-employment (i.e. not income from property, dividends, savings, pensions or taxable benefits)
- an average trading profit of less than £50,000pa.
You can keep working if you claim the grant. You don't need to have applied for the earlier grants. You can still get Universal Credit but this will decrease when you get your SEISS grant. And you must be actively trading and intend to continue to trade.
But nothing, still nothing for 2.9million self-employed who don’t fit these criteria.
You got no money, you got no home
Spinnin' wheel, all alone
Talkin' 'bout your troubles and you, you never learn
Ride a painted pony, let the spinnin' wheel turn
(Blood Sweat and Tiers)