The extension will be in the form of two taxable grants. The first grant will cover a three-month period from the start of November 2020 until the end of January 2021 and will cover 20% of average monthly trading profits capped at £1,875. The second grant will cover a three-month period from the start of February 2021 until the end of April 2021. The government will set the level of the second grant in due course.
The grant will be limited to self-employed individuals who are currently eligible for the
Self Employed Income Support Scheme (SEISS) and are actively continuing to trade but are facing reduced demand due to Covid-19.
For more information contact your usual A C Mole contact or speak to
Amanda Gunter in our
Tax Team based in our
Taunton office.