Word from Janet Jack, IAB CEO, bringing you news on self-employed support grants

Are you eligible to claim second self-employment support grant?

The Coronavirus pandemic has been a difficult time for self-employed people – which includes bookkeepers and, of course, their clients. Throughout it bookkeepers have been able to provide vital support, including advising on how to apply for government Bounce Back Loans, income tax deferrals, rental support and mortgage holidays, as well as the furlough scheme.

This week the government announced that self-employed people whose trade has been hit by coronavirus can now apply for a second support grant from the government.

More than three million people may be eligible for the payment of up to £6,570 each, which Chancellor Rishi Sunak said would be the final hand-out.

The scheme only launched on Monday August 17th and by early the same day HMRC said 39,000 people had successfully made claims.

Over 2.7 million benefited from the first stage of the SEISS – with the government handing out £7.8 billion of grants to help them through the crisis.

Anyone whose self-employed business has been adversely affected by coronavirus since 14 July is eligible for the scheme and will now be able to receive a second and final grant worth 70% of their average monthly trading profits. If successful in the application, the money should be received within six working days of making a claim.

HMRC should contact all potentially eligible customers to advise them that they can claim for a second and final SEISS grant. The claims systems will remain open until the 19th October,

The eligibility criteria is the same as for the first grant, with people needing to have had trading profits of no more than £50,000, making up at least half of their total income. Guidance on how the grant works can be found here.

Janet Jack, CEO

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