The Government have announced that the Self-Employment Income Support Scheme is being extended from 1st November 2020.

The grant extension is for self-employed individuals who are currently eligible for the Self-Employment Income Support Scheme and are actively continuing to trade, but are facing reduced demand due to coronavirus (COVID-19).

You do not necessarily have to have claimed under the first two SEISS grants as long as you were eligible to claim.

You will have to make a declaration that you are actively continuing to trade but are impacted by reduced demand due to coronavirus in the qualifying period (the qualifying period for the grant extension is between 1 November and the date of claim).

The extension will provide two grants and will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period.

The first grant will cover a three-month period from the start of November until the end of January. HMRC will provide a taxable grant covering 20 per cent of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £1,875 in total.

The second grant will cover a three-month period from the start of February until the end of April. HMRC will review the level of the second grant and set this in due course.

The grants are subject to Income Tax and National Insurance Contributions.