Deadline looms for self-employed to get government help
Time is running out to secure help from the first round of the Self-Employment Income Support Scheme.
 
Time is running out to secure help from the first round of the Self-Employment Income Support Scheme (SEISS), the government’s fund for self-employed people whose businesses have been hit by the pandemic. You must make your claim by the end of 13 July.
The SEISS offers taxable grants worth 80% of your average monthly trading profits. They are paid out as a single lump sum covering three months of profits, but are capped at a maximum of £7,500.
To work out your average monthly profit, HM Revenue & Customs will look at your average profit over the past three tax years, or the most recent years in which you traded if your business hasn’t been running for the full three years.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
 
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
However, the SEISS does come with strict eligibility criteria. HMRC is supposed to have contacted those self-employed people who might be eligible for help, but if you haven’t heard from them, check for yourself.
The most important criteria are that the scheme only covers self-employed workers making less than £50,000 of profit each year, that you must have been trading in both the 2018-2019 and 2019-2020 tax years, and that you intend to continue trading in 2020-2021.
You must be set up as a self-employed worker or partnership making an annual self-assessment tax return; you can’t claim if you trade through a limited company.
You’re also only entitled to help if you have been adversely affected by Covid-19 – you’ve been unable to work because you’ve been shielding, self-isolating or sick with the virus, for example, or you’ve earned less specifically because of the pandemic.
If you meet all these conditions, don’t lose out on SEISS by missing the 13 July deadline. You can claim via the Gov.uk website. A second phase of the scheme is due to go live in August offering similar support, though this one will limit payouts at £6,750.
However, this will only cover losses you incur after 13 July (you won’t need to have claimed in the first phase to be eligible for the second grant).
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.
- 
 Nationwide HPI: UK property values climb as market steadies ahead of Budget Nationwide HPI: UK property values climb as market steadies ahead of BudgetMonthly house prices grew by 0.3% following a 0.5% rise in September 
- 
 Lessons from Nobel Prize winners in economics on how to nurture a culture of growth Lessons from Nobel Prize winners in economics on how to nurture a culture of growthThe Nobel Prize in economics went to three thinkers who show us why economies grow and how we can help them do so. Governments would be wise to heed the lessons 
- 
 Lessons from Nobel Prize winners in economics on how to nurture a culture of growth Lessons from Nobel Prize winners in economics on how to nurture a culture of growthThe Nobel Prize in economics went to three thinkers who show us why economies grow and how we can help them do so. Governments would be wise to heed the lessons 
- 
 'It’s time for Rachel Reeves to secure her legacy' 'It’s time for Rachel Reeves to secure her legacy'Opinion Rachel Reeves has been a dreadful chancellor, and it's hard to see her remaining in office for another whole year. She could at least depart with some dignity 
- 
 Yoshiaki Murakami: Japan’s original corporate raider Yoshiaki Murakami: Japan’s original corporate raiderThe originator of Japanese activism, Yoshiaki Murakami, was disgraced by an insider-trading scandal in 2006. Now, he's back, shaking things up 
- 
 Galliford Try has firm foundations for strong growth Galliford Try has firm foundations for strong growthBuilder Galliford Try has a finger in a wide range of pies, notably important work in the public sector 
- 
 Card Factory is a stand-out small-cap going cheap Card Factory is a stand-out small-cap going cheapIn a digital world, we still value the personal touch. That’s good news for Card Factory, whose unique business model is suited to weather all economic storms 
- 
 How much gold does China have – and how to cash in How much gold does China have – and how to cash inChina's gold reserves are vastly understated, says Dominic Frisby. So hold gold, overbought or not 
- 
 Debasing Wall Street's new debasement trade idea Debasing Wall Street's new debasement trade ideaThe debasement trade is a catchy and plausible idea, but there’s no sign that markets are alarmed, says Cris Sholto Heaton 
- 
 Europe’s new single stock market is no panacea Europe’s new single stock market is no panaceaOpinion It is hard to see how a single European stock exchange will fix anything. Friedrich Merz is trying his hand at a failed strategy, says Matthew Lynn