The chancellor announced plans to extend the SEISS for those people whose trade continues to be affected by COVID-19.
Self-employed people will be able to claim a second and final SEISS grant in August. Again, it will be taxable and based on 70% of the average monthly trading profits for three months (as opposed to 80% previously), calculated as before and capped at £6,750 in total.
So will be 7/8 of the first payment, for those that still qualify.
Eligibility for the second payment will be the same as the first. You do not need to have claimed the first grant to claim the second.
Note claims for the first grant opened on 13 May and must be made no later than 13 July. See earlier blogs for calculation.
The claim must be made by the individual and not the tax agent – although the agent can assist in advising on the eligibility and calculation.
More information will be available on 12 June.