The self-employed income support scheme (SEISS) allows self-employed tax-payers to claim a taxable grant of 80% of their average monthly trading profits. This will cover 3 months and will be paid in one instalment (capped at £7,500). The grant will be subject to Income Tax and self-employed National Insurance. Work Restrictions Unlike the furlough scheme, if you receive the grant you CAN continue to work, start a new trade or take on other employment. You are also able to take part in voluntary work, or duties as an armed forces reservist. When Is It Open? The self-employed income support scheme […]
Monthly Archives: May 2020
The coronavirus job retention scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. This scheme exists to allow employers to claim for 80% of furloughed employees’ (employees on a leave of absence) via an online portal. The claim can be made for usual monthly wage costs, up to £2,500 a month. (plus associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions.) The scheme is now up and running and you can make a claim here. Frequently Asked Questions This scheme works very differently from standard payroll […]