DY have reassured self-employed business owners they will receive ongoing support as the Coronavirus pandemic continues – but only if they meet the required criteria.
Martyn Bramwell, the Tax Manager here at Dyke Yaxley Chartered Accountants, said the Government has extended the Self-Employment Income Support Scheme (SEISS).
“The SEISS Extension Grant will continue to provide critical support to the self-employed, but this time round, there are extra conditions that you’ll need to meet in order to qualify.”
Martyn said business owners – including members of a partnership – must initially be eligible for the current SEISS scheme.
“You don’t need to have made a claim previously, but you will need to declare that you are actively trading, that you intend to continue to trade, and that your income has been reduced due to Covid-19.
“The qualifying period for the new extension grant is from November 1 and the date of your claim.”
Martyn said the new tighter conditions were the requirements to be actively trading and the impact by reduced demand, with HM Revenue and Customs expected to release further guidance in the coming weeks.
The extension will provide two grants and will last for six months from November 1 through to April 30, 2021.
“The first grant will cover the first three months of that period, and it will be a taxable grant covering 20% of your average monthly trading profits paid in a single instalment that’s capped at £1,875 in total.”
Martyn said the policy had been drawn up to broadly provide the same level of support for self-employed business people as for employees who are receiving help through the Job Support Scheme.
“The ongoing support will be welcome news for self-employed entrepreneurs across Shropshire, and it comes at a time of real concern with Covid-19 continuing to dominate the world around us.
“If you’re unsure whether you may be eligible for the extension grant, seek out professional advice to make sure you’re not missing out on valuable assistance.”
Martyn Bramwell, Dyke Yaxley Tax Manager.