The new Self-Employment Income Support Scheme (SEISS) will help those with lost trading profits due to COVID-19. The new scheme will allow eligible individuals to claim a taxable grant worth 80% of their trading profits up to a maximum of £2,500 per month for 3 months. This may be extended if needed. Self-employed individuals, including members of partnerships, are eligible if they have submitted their Income Tax Self Assessment tax return for the tax year 2018-19, continued to trade, and have lost trading/partnership trading profits due to COVID-19. To qualify, their self-employed trading profits must be less than £50,000, with more than half of their income from self-employment. Some 95% of people who are mainly self-employed could benefit from this scheme.
The SEISS supplements the other significant support announced for individuals and businesses, including the Government’s relaxation of the earnings rules (known as the Minimum Income Floor) in Universal Credit, the Bounce Back Loans Scheme for small businesses, the Coronavirus Business Interruption Loan Scheme, and the deferral of tax payments. More information about the full range of business support measures is available on GOV.UK.