SEISS increase: How has the SEISS scheme changed? How much can you get now?
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The Self Employment Income Support Scheme (SEISS) was introduced earlier this year by the Chancellor Rishi Sunak in a bid to help self-employed workers in Britain amid the coronavirus pandemic. The grant has now been extended from November 1 and the rates are being increased to make it more lucrative. Express.co.uk has compiled a breakdown to explain the new changes to the scheme and how it might affect you.
Self-employed workers will be offered an increased grant for the next few months according to a new announcement from Mr Sunak.
Speaking from the House of Commons today, Mr Sunak said: ”I’ve always said I would do whatever it takes to protect jobs and livelihoods across the UK – and that has meant adapting our support as the path of the virus has changed.
“It’s clear the economic effects are much longer-lasting for businesses than the duration of any restrictions, which is why we have decided to go further with our support.
“Extending furlough and increasing our support for the self-employed will protect millions of jobs and give people and businesses the certainty they need over what will be a difficult winter.”
Mr Sunak said support for the self-employed will double to 80 percent of average earnings in the previous year, up to a maximum of £7,500.
This is an increase from the previously announced 55 percent.
He said he wants to “reassure” people that the furlough scheme and SEISS were developed “by the Government of the United Kingdom on behalf of all the people in the United Kingdom”.
The Chancellor said any part of the UK can claim the furlough scheme until next March.
Who is eligible for SEISS?
To be eligible for the scheme, you must:
- Have been eligible for SEISS first and second grant, although you do not need to have claimed the previous grants
- Declare that they intend to continue to trade and either are currently actively trading but are impacted by reduced demand due to coronavirus and were previously trading but are temporarily unable to do so due to COVID-19.
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How has the SEISS scheme changed? How much can you get?
The SEISS grant has been extended from November 2020 to April 2021.
Grants will be paid in two lump sum instalments each covering a three-month period.
The third grant will cover a three-month period from November 1, 2020, until January 31, 2020.
The Government already announced there will be a fourth grant covering February 2021 to April 2021.
The grants are taxable income and therefore are subject to National Insurance contributions.
The grant you will receive in November will be 80 percent of your average profit.
For December and January, the grant will be worth 40 percent of your average profit.
How to claim SEISS
You can claim SEISS using an online service set up by the Government.
The online service for the grant will be available from November 30, 2020.
More details will be published by the HMRC here.
Other financial support packages include:
- Grants of up to £3,000 per month for businesses which are forced to close worth more than £1bn each month.
- £1.1 billion is being given to Local Authorities, distributed on the basis of £20 per head, for one-off payments to enable them to support businesses more broadly
- Plans to extend existing government-backed loan schemes and the Future Fund to the end of January, and an ability to top-up Bounce Back Loans.
- An extension to the mortgage payment holiday for homeowners
- Up to £500 million of funding for councils to support the local public health response.
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