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Self Employed Income Support Scheme (SEISS) Update - 2nd Tranche

The SEISS currently allows qualifying self-employed workers, to claim a taxable grant worth 80% of average trading profits, capped at £7,500. We’re calling this the 1st tranche.

 

If you are eligible YOU MUST MAKE THE CLAIM FOR THE 1st TRANCHE ON OR BEFORE 13TH JULY 2020You will not be able to claim the 1st tranche after this date.

 

The SEISS has been extended for a further three months from 14th July 2020 (the 2nd tranche), so what does this mean?

 

To be eligible for the 2nd tranche, your business must have been adversely affected by Covid-19 on or after 14th July 2020.

 

The government’s guidance on the definition of ‘adversely affected’ is a bit vague. A more in-depth analysis of what it means to be ‘adversely affected’, can be found by following this link: ‘Adversely Affected’

 

The window for making the 2nd tranche claim opens on 17th August 2020. We think the delay between the start date and the claim date, is designed to allow business owners to properly assess whether they have been adversely affected by Covid-19, after the start date for eligibility of the 14th July 2020.

 

The HMRC SEISS eligibility checker can be found here ‘Eligibility Checker’

 

We hope that all readers, previously eligible for SEISS, are now confident enough to make a 2nd tranche claim, where they are eligible, but if you require assistance, please give us a call.

 

 

Please feel free to share this information as widely as possible and encourage people, who might benefit from these updates, to register at www.asquithand.co.uk for future updates.

 

This information is provided free of charge and in good faith, without acceptance of any future liability arising from any action or in-action by any recipient or reader.

 

Get in touch to find out how we can help your business.

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