The first grant will cover a three-month period from the start of November until the end of January and will be calculated using 55% of average trading monthly profits, capped at £5,160. Previously, the government advised that 40% could be claimed, however, with the additional 40% being applied to November this increases the total level of the grant from 40% to 55% of trading profits for November to January.
The second grant will cover a three-month period from the start of February until the end of April and the Government will review the level of support available for the second grant and set this in due course.
Just as with the previous grants were, the grants provided under this extended scheme are taxable income and subject to National Insurance contributions therefore should be reported in line with self-assessment requirements.
To be eligible for the scheme, self-employed individuals, including members of partnerships, must:
• Have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants) • Intend to continue to trade and either: o Are currently actively trading but are impacted by reduced demand due to coronavirus o Were previously trading but are temporarily unable to do so due to coronavirus
In addition, the service will open from 30 November and not 14 December as was previously planned.
Full guidance is to be published on GOV.UK within the next few days and HMRC are requesting that people do not call for more information prior to reading published guidance.
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Further extension to the Self-Employment Income Support Scheme 9 November 2020
It has been confirmed that, in recognition of the prolonged impact that coronavirus is having, the level of support offered under the Self-Employment Income Support Scheme (SEISS) will be increased.
It was initially announced that the level of the grant for November 2020 would be increased to 80% of average trading profits, but that the level of support for December 2020 and January 2021 would remain at 40%, equating to 55% of average trading profits across the three-month period. Rishi Sunak then announced, on 5 November 2020, that for November 2020, December 2020 and January 2021, the Government will instead pay 80% of average trading profits across all three months, up to a cap of £7,500, to be paid out in one single instalment for eligible self-employed individuals. Self-employed individuals, including members of partnerships will be eligible for the grant extension, if they were previously eligible for the first and second SEISS grants (although there is no requirement for them to have actually claimed the previous grants). They must also confirm that they intend to continue to trade and are either currently actively trading but seeing a reduced demand due to coronavirus or were previously trading but can no longer do so because of coronavirus.
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The Statutory Sick Pay extension in Wales 10 November 2020
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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