Ahead of the second round of funding for the Self-Employment Income Support Scheme (SEISS) opening for applications on 17 August, HM Revenue & Customs (HMRC) has updated its guidance documents relating to the scheme.
The first round of applications for SEISS grants closed on Monday 13 July 2020 and had allowed self-employed individuals to claim grants worth up to 80 per cent of their usual trading profits over three months, capped at £7,500.
The second round of SEISS grants will be worth up to 70 per cent of usual trading profits over three months, capped at £6,570.
The eligibility criteria remain substantially the same as for the first round of funding, with applicants required to have annual trading profits of no more than £50,000, at least equal to their income from non-trading sources.
Self-employed individuals will need to have been adversely affected by the Coronavirus outbreak on or after 14 July 2020, because, for example:
As with the first round of the scheme, HMRC says it will contact self-employed individuals that it believes will be eligible. However, it has warned people to be alert to the possibility of fraudulent texts, calls or emails purporting to be from HMRC and asking them to click a link or provide personal information.
HMRC has also launched a new service for people who were in receipt of the first grant but believe either that they were overpaid or that they were not, in fact, eligible to make repayments. Repayments can be made online here.
We are delighted to announce that the LRH client portal (powered by Onvio, a Thomson Reuters company) is now fully operational… Continue reading →