Here’s the important deadline date for the Self Employment Income Support Scheme you should know about

Tuesday, 2nd June 2020, 2:39 pm
Updated Tuesday, 2nd June 2020, 2:39 pm
The government’s Self Employment Income Support Scheme (SEISS) was recently extended by Chancellor of the Exchequer Rishi Sunak (Photo: Shutterstock)

The government’s Self Employment Income Support Scheme (SEISS) was recently extended by Chancellor of the Exchequer Rishi Sunak.

However, self-employed workers need to take note of an important deadline in regards to taking advantage of the grant.

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The SEISS was put into place by the government to support those amid the coronavirus crisis. It opened in mid-March, assisting those who are not in PAYE employment.

Mr Sunak confirmed the scheme would be extended on Friday 29 May, and that applicants still had time to apply for this grant, but those eligible to apply must do so by Monday 13 July, Mr Sunak announced.

This first grant is worth 80 percent of average monthly trading profits, with the payment covering three months' worth of profits, and which was capped at £7,500.

Those who are eligible for the scheme will now be able to claim another grant in August. However, there are some changes to the grant the second time around.

Changes to the August grant

The August grant will be worth 70 percent of the average monthly trading profits and will be paid out in a single instalment, set to cover three months worth of profits. It will be capped at £6,570.

So far, there have been 2.3 million claims, worth a total of £6.8 billion via the SEISS, according to the government.

The government explains that those eligible will see the money paid into their bank account within six working days of completing a claim.

It was also announced that, even if you did not apply for the first grant, this does not mean that you cannot apply for the second grant.

Applications for the second grant will open in August. Further guidance on this second grant is set to be published on 12 June.

Those who are eligible are likely to have been contacted by HM Revenue and Customs (HMRC).

However, self-employed people can also check online if they believe that they are eligible for the grant.