Increased Support for Self-Employed across the UK

In response to the forthcoming period of lockdown HMRC have announced an increase in the help available to self-employed individuals.

The Government has increased support under the third instalment of the Self-Employment Income Support Scheme (SEISS), with people receiving 80% of average trading profits for November. 

As SEISS grants are caluclated over three months, the uplift for November to 80%, along with the 40% level of trading profits for December and January, increases the total level of the third grant to 55% of trading profits. The maximum grant will increase to £5,160.

Grants will also be paid faster than previously planned – with the claims window opening at the end of November rather than the middle of December. 

In addition, more businesses will be able to access additional support as deadlines for applications for Government-based loan schemes and the Future Fund have been further extended until 31 January 2021. Further details can be found in the Treasury press release: Government increases support for self-employed across the UK