On 26 March 2020, the Chancellor announced that the Government would provide support to self-employed workers in the form of a cash grant of 80% of their profits, up to £2,500 per month. This is known as the Coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS).
This webinar, which was broadcast live on Thursday 7 May 2020 explored who is eligible for the SEISS, how much they might receive and the process for making claims, and was followed by a Q&A session.
SEE A RECORDING HERE: Self-employment Income Support Scheme – CIOT and ATT webinar 7 May 2020
THE WEBINAR SLIDES ARE HERE
Since the webinar was recorded,
- The Chancellor has announced that the SEISS will be extended with those eligible able to claim a second and final grant in August. Further information on the second grant will be available on GOV.UK on 12 June 2020.
- HMRC have announced that applications for the first grant will close on 13 July 2020.
- Legislation to be included in Finance Act 2020 has been published which states that the whole of the SEISS grant is treated as profits of the tax year 2020/21, and HMRC’s guidance explains that it should be reported on the 2020/21 self-assessment tax return. No apportionment to 2019/20 is required. The webinar slides have been updated to reflect this new information.
We ran a second webinar on Tuesday 7 July 2020 which provided a recap of the scheme and looked at what’s new – for more details see here.