Self-employment Income Support Scheme – CIOT and ATT webinar 7 May 2020

By Technical Team on 27 Apr 2020

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.

Further information about the SEISS can be found on the CIOT’s dedicated COVID-19 pages here and the ATT pages here.

Posted in: Technical News