Mel Stride MP, who chairs the influential House of Commons Treasury Select Committee, is urging self-employed workers in his constituency who have been impacted by Covid-19 to apply for the third phase of the Government’s Self Employment Income Support Scheme (SEISS).
The scheme provides grants for self-employed workers who have suffered a loss of profits due to the coronavirus pandemic. Applicants need to have been, or are due to be, adversely affected. Applications for the third grant opened on 30th November and close on January 29th.
“To date, more than 10,000 self-employed workers in Central Devon have made successful claims to the Government’s Self Employment Income Support Scheme, benefiting from £27 million in grants. For many, this financial support has been vital in helping them and their family through the Covid-19 pandemic. No-one should shy away from seeking help when they need it, and I would urge those who have benefited from grants already to apply again if they are eligible, as well as workers who haven’t applied before, but are now finding themselves negatively impacted.”
The third grant is worth 80% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total. The grant does not need to be repaid but will be subject to Income Tax and self-employed National Insurance and must be reported on 2020/2021 Self-Assessment tax returns.
For more information visit www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme.