Following an announcement by Chancellor of the Exchequer, Rishi Sunak MP, on 5 November 2020 payments under the Self-Employment Income Support Scheme (SEISS) will increase from 40% to 80% of trading profits between 1 November 2020 and 31 January 2021.
A further SEISS grant will be available for the three-month period covering 1 February 2021 to 30 April 2021, further details of which are awaited.
To be eligible for the SEISS grant extension, self-employed professionals must have been eligible for previous SEISS payments although they do not necessarily need to have applied for them.
For further information about the eligibility criteria and scheme design, click here.
The extension to SEISS follows lobbying by the AOI and peers in the creative industries and will last for six months, from 1 November 2020 to 30 April 2021. Grants will be paid in two lump sums each covering a three-month period:
The third SEISS grant will cover the period 1 November 2020 to 31 January 2021, with the Government providing a taxable grant equivalent to 80% of monthly trading profits, capped at £2,500 a month (£7,500).
A fourth SEISS grant will be available for the period 1 February 2021 to 30 April 2021 although it remains unclear as to the level of support on offer.
HM Revenue & Customs has confirmed that the third SEISS grant will be open to applications from 30 November 2020. Members are advised to keep an eye on the Government’s SEISS website here.
We recognise that a proportion of our membership is not eligible for this support. We continue to make the case to Government about this unacceptable failure to support our vital industry.
Thanks to Eddie Reeves at Society of Authors