Covid-19 Self-Employed Income Support Scheme

May 2020

UK businesses are facing very difficult and extraordinary circumstances as a result of the Covid-19 pandemic.

In response to the crisis, the Government has introduced a number of measures designed to assist commercial and other enterprises. One such measure is a financial support scheme aimed at helping the self-employed, called the Self-Employment Income Support Scheme (“SEISS”).

A series of information pages are now available on the site explaining various aspects of SEISS, including its nature, criteria for eligibility, guidance on calculating the amount of entitlement, and how to make a claim. HMRC has begun to accept claims under the scheme as of 13 May.

The scheme covers the period to March – May 2020 but the hope is that the Chancellor will extend that period.

Unfortunately, various eligibility requirements prescribed by the scheme exclude many self-employed people from being able to make any claim. The scheme also excludes any business which operates as a company even if it is a small owner-managed (“one man”) business. However, there are a range of other schemes under which businesses might be able to benefit if SEISS does not apply to them.

These new SEISS information pages provide a good overview of, and helpful introduction to, SEISS. We recommend that you read them if you are self-employed. Please click here to view these pages.

If SEISS is extended or its terms are varied by the Government, these pages will be amended to keep them up to date with any changes.

The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.

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