During the worldwide pandemic, many businesses and individuals have taken a huge loss of earnings due to lock down this has seen many employees placed on a scheme called furlough. The government has been paying 80% of all employee’s wages that are placed on furlough this is to ensure businesses don’t go under due to the current crisis.
All self-employed people have been offered 80% of lost earning too under a scheme called SEISS (self-employed income support scheme) all self-employed individuals who lost earnings due to Covid-19 were offered 3 months of their earnings at 80% back in May.
Many were worried that this still wasn’t enough and with lockdown only just being eased in June the government has decided to extend this scheme which will allow all self-employed people to apply for another 3 months’ loss of earnings but at 70% in August. The scheme calculates how much you are entitled to based on your previous years’ self-assessment returns.