The entire world has been rocked by an invisible enemy. The Covid-19 pandemic has changed the way we live, the way we work, the way we communicate. The UK government have stepped in during this Coronavirus outbreak and have offered support to some workers. One of these schemes is called the Self Employment Income Support Scheme, or SEISS for short.
What Are These Support Schemes?
Let’s first say that there have been many issues with people falling through the net. My heart is with them as it must be horrendous to pay into the ‘pot’ of the country and over many years and during an epidemic, receive absolutely no help. The furlough scheme was first launched for employed individuals, giving them 80% of their usual monthly income up to £2500. This has since been extended unchanged until the end of July and will continue, probably with changes until the end of October. The Self Employed Income Support Scheme was launched a few weeks after the furlough scheme. This worked similarly to the scheme for employed people. 80% of your monthly wage, worked out based on your last three self assessment tax returns. This will be paid in a chunk for March, April and May for those eligible and will be taxable.
How Do You Check Your Eligibility?
To check your eligibility for the SEISS, you need your unique taxpayer reference number and national insurance number. You then head to the Government website here and and input your details. You’ll be given a date that you can apply. Again, some people are falling through the net even at this stage. For some reason there are people who think they are eligible but when they do this it flags up that they are not. I’m unsure about a work round for this, I would suggest getting in touch with HMRC.
How Do You Apply?
In order to apply you’ll need the same details as above as well as your government gateway log in. You should have this if you’ve been submitting self assessment tax returns. Once you log in you’ll have to click through a few screens to declare you agree with the terms and conditions. You’ll be shown the amount you’ll be supported with, based on the maths done on your tax returns. I’d figured mine out when I first heard about the SEISS, to see what we’d hopefully be supported with and it was exactly that amount. You then input bank details, confirm your address and submit the information. The money should be in your account within the week. As mentioned, this is taxable so you are able to, you might consider shifting 20% of it straight into a separate ‘tax’ fund. I applied and it was a really simple process.
Other Places Of Support?
Apart from the furlough scheme and the SEISS, there aren’t any other government grant schemes helping people during this pandemic. There is the loan scheme which has been launched which I’ve read great things about. The Bounce Back Loan Scheme (BBLS) aims to help small and medium sized businesses who have been affected by the pandemic. Businesses can borrow between £2k and up to 25% of their turnover, with the maximum loan being £50k. The government guarantees 100% of the loan an there are no fees or interest for the first 12 months. After that first year, the interest rate is 2.5% a year. I know a few people who have applied for this and the money has been in their account within 24 hours.
Communities Are Amazing
One last thing I’d like to say is just how fantastic the everyday community is. Neighbourhoods that perhaps didn’t know each other have been connected. Amazingly it’s considered that communities are supporting one another more than the government is. People have stepped up, shopped locally, delivered meals, worked together and seriously loved their neighbours. I hope this lasts long after the pandemic passes. Finally, if you can access funding or support, I hope it works out for you.
