What is the Self-Employment Income Support Scheme (SEISS)?

Definition of Self-Employment Income Support Scheme

The Self-Employment Income Support Scheme was a temporary initiative that aimed to provide financial support to self-employed people whose businesses were affected by the coronavirus (Covid-19) pandemic.

How the scheme worked

The Self-Employment Income Support Scheme (SEISS) was announced in March 2020 by Chancellor Rishi Sunak. It was initially extended on 24th September 2020 and then extended again on 5th November 2020 and 3rd March 2021. Only sole traders and partners were eligible for the scheme.

The SEISS initially enabled businesses that were affected by the coronavirus crisis between March and October 2020 to claim two taxable grants. Extensions to the scheme made three additional taxable grant payments available for businesses affected by the coronavirus crisis between November 2020 and September 2021.

A summary of the five grants offered through the Self-Employment Income Support Scheme can be found in the table below:

SEISS grant For businesses affected by Covid-19 during: Grant application window % of trading profits covered Maximum grant available
Grant 1 1st March - 13th July 2020 13th May - 13th July 2020 80% £7,500
Grant 2 14th July - 19th October 2020 17th August - 19th October 2020 70% £6,570
Grant 3 1st November 2020 - 29th January 2021 30th November 2020 - 29th January 2021 80% £7,500
Grant 4 1st February - 30th April 2021 Late April - 1st June 2021 80% £7,500
Grant 5 1st May - 30th September 2021 Late July - 30th September 2021 30% or 80% £2,850 or £7,500

You can find out more about the support available for small businesses during the coronavirus pandemic on our small business coronavirus support hub.

Disclaimer: The content included in this glossary is based on our understanding of tax law at the time of publication. It may be subject to change and may not be applicable to your circumstances, so should not be relied upon. You are responsible for complying with tax law and should seek independent advice if you require further information about the content included in this glossary. If you don't have an accountant, take a look at our directory to find a FreeAgent Practice Partner based in your local area.

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