Govt announces second stage of self-employed support scheme

The Government has announced that self-employed people whose incomes have been affected by COVID-19 will be able to claim a second payment of up to £6,570 from today.

It is the second stage of the Self Employment Income Support Scheme (SEISS), which has already seen 2.7 million people receive a combined total of £7.8bn.

To be eligible for the SEISS, more than half of a claimant's income needs to come from self-employment, and the scheme is open to those with a trading profit of less than £50,000 in the 2018/19 tax year, or an average trading profit of less than £50,000 from 2016/17, 2017/18 and 2018/19.

Under the first stage of the scheme, which closed for applications on 13 July, self-employed workers who qualified had been in line for a grant of 80% of their average profits, up to £2,500 a month for three months, and this was paid in one instalment, of up to £7,500.

Those eligible from today will now be able to receive a second and final grant worth 70% of their average monthly trading profits. The Treasury suggested that money would arrive in claimants’ bank accounts within six working days of making a claim.

HMRC has stated it will contact “all potentially eligible customers” to advise them that they can claim for a second and final grant through the scheme.

Chancellor, Rishi Sunak, said: “Our self employment income support scheme has already helped millions of hard working people, whose get up and go drive is crucial to our economy.

“It means that people’s livelihoods across the country will remain protected as we continue our economic recovery – helping them get back on their feet as we return to normal.”

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