Coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS)
The Coronavirus (COVID-19) Self-employment Income Support Scheme (also called “SEISS”) is a payment that the UK Government will send to all eligible self-employed who have been affected by the coronavirus (COVID-19) crisis.
Who qualifies for the scheme:
- self-employed making under £50,000 in profits from self-employment
- and who earn over half of their income from self-employment as well
- HMRC will look at either the average of the last three tax years or at the 2018/19 Self Assessment when figuring out eligibility.
How much you can get:
- 80% of your profits from self-employment
- up to a maximum of £2,500 a month
- for three months (so a lump sum of up to £7,500), although it may be extended depending on how long the lockdown will last.
Other things to keep in mind:
- you don’t need to pay this money back
- but you will have to pay Income Tax and National Insurance, just as you would on any other self-employment income (you’ll declare this grant on your next Self Assessment tax return
- in order to be eligible, you need to have filed your 2018/19 Self Assessment before 23 April 2020.
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