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.
Subscribe to 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).
Sign up for MoneyWeek's newsletters
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.
-
8 of the best houses for sale with annexes
The best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
By Natasha Langan Published
-
Zelenskyy moves to appease Donald Trump – what happens now?
Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
By Emily Hohler Published
-
How AI can help your small business
Many small companies think AI tools are beyond them, but they are easy to use
By David Prosser Published
-
How Rachel Reeves's inheritance tax changes could impact your family business
The rules on business property relief are a new headache for small firms
By David Prosser Published
-
Business rates relief to be slashed – how to cut costs
Labour has promised to reform business rates, the corporate equivalent of council tax
By David Prosser Published
-
How small businesses can take advantage of new sources of finance
Small business Banks have reduced lending to small companies, but there are alternatives as the finance market continues to evolve
By David Prosser Published
-
Will the R&D tax credit change in the Autumn Budget?
Will Labour revise state help designed to foster R&D in the upcoming Autumn Budget?
By David Smith Published
-
What can small businesses expect from Labour's employment law reforms?
Small businesses could be impacted by Labour’s reforms to employment law which will be unveiled next month – here's how to prepare.
By David Prosser Published
-
How SMEs can secure public sector work
When it comes to bidding for public sector work, there are a few things SMEs can get a grip on
By David Prosser Published
-
How to choose a web host
With a web host, your company will have an internet presence
By David Prosser Published