On 29 May the Chancellor announced that the grant scheme to support the self-employed would also be extended with a further payment based on 70 per cent of average profits for the 3 years ended 2018/19, limited to £6,570 rather than £7,500.
The eligibility criteria remain broadly the same as the first grant claim. Self-employed profits in 2018/19 must not exceed £50,000 and must be more than 50 per cent of your total income.
If that test is not met, then the same £50,000 and 50 per cent tests are applied to average profits and total income over the three years (or shorter period) to 5 April 2019.
Self-employed traders need not have claimed a grant under the old scheme to qualify for the August payment and are required to confirm that their business continues to be adversely affected by Covid-19. The deadline for making a claim for a grant under the original SEIS scheme is 13 July 2020.
If you have any concerns or queries relating to this matter, or wish to discuss your tax affairs in further detail, please contact your usual Beavis Morgan Partner.
