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Building and protecting your wealth

News Update: Second SEISS Grant

The Self-Employment Income Support Scheme (SEISS), initiated by Chancellor Rishi Sunak a few months ago, was designed to help self-employed people during the pandemic. Find out what’s changed and if you’re eligible.

This does not constitute advice and advice should be sought in all instances before acting on it.

The scheme has recently been extended to October, so you have another opportunity for assistance if your business has been negatively impacted by coronavirus.

From 17 August, if you believe you qualify for the second SEISS grant, then you will be able to submit another claim. You’ll get your assistance within six working days after the application has been reviewed and granted. Businesses have until 19 October to make a claim.

HMRC has provided a handy eligibility tool in order to help you determine whether or not you qualify.

How much help is available?

This grant will be calculated at 70% of the taxpaying business’ annual average profits — up to £6,570 for three months. The same requirements for eligibility for the first grant apply to this one.

What does “adversely affected” mean?

Emphasised for this round of grant applications is that the business needs to have been “adversely affected” by COVID-19 in order to be in the running to receive financial help.

The term adversely affected hasn’t been clearly defined by HMRC, so what exactly that means is up to interpretation, but there must be clear coronavirus-related challenges. For example, your business has stopped trading or has decreased significantly, or if you’re dealing with extra costs.

HMRC suggests five possible causes for businesses:

  • Supply chain interruption
  • Reduction in customers or clients, or none at all
  • Staff unavailable to work
  • Cancellation of contracts
  • Costs associated with purchasing PPE, additional cleaning requirements, or incurred as a result of enforcing social distancing rules

If you’re a business owner and you can’t work due to self-isolation, quarantining, sick leave, or additional care duties because of the virus, then be sure to keep detailed records of when and how your business has been impacted for your claim.

Protect your financial plans

During tough times, we advise all clients to review their financial plans and make sure they’re still on track with their goals and if assistance like the SEISS grant can help. If you’d like help determining whether or not you may qualify and guidance during the process, don’t hesitate to reach out to us.

Need help to plan for uncertain times?
Investments | Financial Planning | Retirement | Save Tax | Protection |

Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
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