The Chancellor has announced that HMRC will extend the self-employed income support scheme (SEISS) for a further three months, but warned that this will be the final tranche of SEISS grants to be made available.
Applications for the second SEISS grant will open in August, and further details of the exact timing will be released on 12 June. This announcement is expected to be followed by a more detailed plan to simulate the economy to be set out in a mini-Budget in early July.
This second grant will be payable at a level equivalent to 70% of the taxpayer’s annual average profits, capped at £2,190 per month, so the maximum amount payable will be £6,570 to cover three months.
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