If you are self-employed and eligible, you need to act quickly to claim the Self-Employment Income Support Scheme (“SEISS”). The deadline for the first round of grants is on Monday, 13 July 2020.
I wrote about SEISS in a recent article focused on actors, but of course, all self-employed people are potentially eligible for the scheme. The eligibility criteria have some quirks, but essentially it allows anyone who earned less than £50,000 during the tax year ended 5 April 2019 (or an average including the two previous years) to receive a non-repayable lump sum of money.
There is a relatively simple checking system for eligibility online, so there is no excuse for not checking if you are unsure. Failing that, there is always a friendly media accountant around who can help you out.
From the 17 August 2020, the second round of SEISS will be payable to those that meet the same eligibility criteria, assuming your trade is still adversely affected by Coronavirus as of 14 July 2020. Fear not, if you are reading this after the deadline for the first grant, you can still make a claim for the second grant without having claimed for the first.
The grant is slightly less than before, at 70% instead of 80%, but the lump sum paid is effectively for three months, the same as before. The cap has been reduced proportionally too, now £6,570 from £7,500.
To repeat, these grants are not a loan but much needed cash for those unable to generate work during the pandemic. There will be thousands of actors, musicians, models, comedians, production freelancers and other performers who will grateful for this cash. The only catch is the income is taxable, so do not forget to report it on your tax return.
If you want to discuss any of the above, or any other matter, just give us a call on 020 7183 3383 or email info@kma-spotlight.com.
