Second SEISS claim now available for application

HMRC have started contacting the millions of contractors who may be eligible for the government’s second SEISS application.

The first Self-Employment Income Support Scheme (SEISS) claim enabled those eligible to claim a taxable grant worth 80% of their average trading profits, up to a maximum of £7,500 (equivalent to three months’ profits) in a single instalment.

For the second (and final) window, the grant is now worth 70% of your average monthly trading profits and capped at £6,570.

Customers are eligible if their business has been adversely affected by Coronavirus, they traded in 2019-20, intend to continue trading and they:

• Earn at least half of their income through self-employment;
• Have trading profits of no more than £50,000 per year; and
• Traded in the tax year 2018 to 2019 and submitted their Self Assessment tax return on or before 23^rd April 2020 for that year.

HMRC is using information that customers have provided in their 2018-19 tax return – and returns for 2016-17 and 2017-18 where needed – to determine their eligibility and is contacting customers who may be eligible via email, SMS or letter.

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com