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SEISS 3rd Grant #1079850
25th Sep 2020 9:06pm
25th Sep 2020 9:06pm
Joined: Jul 2008
Posts: 13,637
Birkenhead
diggingdeeper Offline OP

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diggingdeeper  Offline OP

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The Self Employment Income Support Scheme 3rd grant has been announced but is such a pitifully small amount that in many (if not most) cases it would be better to go unemployed and claim Universal Credit.

The sum offered is 20% of the average monthly profit and this is to cover another three months.

In other words you get 6.7% of your usual income.

The scheme was stated to be comparable to what employed support payments are, but clearly they are nothing like, an employed person will get up to 33% from Government and a least 66% total. Depending how many hours they work.

Since when is 66% or 33% comparable to 6.7%?

Last edited by diggingdeeper; 25th Sep 2020 9:18pm.

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Re: SEISS 3rd Grant [Re: diggingdeeper] #1079883
30th Sep 2020 10:46am
30th Sep 2020 10:46am
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mikeeb Offline

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mikeeb  Offline

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Originally Posted by GOV.UK
The first grant will cover a three-month period from the start of November until the end of January. HMRC will provide a taxable grant covering 20 per cent of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £1,875 in total.

I read that as, 20% of your average monthly income paid x3 to cover the 3 months, and not 6.7% x3 to make up the 20%.
If that makes sense, haha!

Re: SEISS 3rd Grant [Re: mikeeb] #1079888
30th Sep 2020 9:45pm
30th Sep 2020 9:45pm
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diggingdeeper Offline OP

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diggingdeeper  Offline OP

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Originally Posted by mikeeb
Originally Posted by GOV.UK
The first grant will cover a three-month period from the start of November until the end of January. HMRC will provide a taxable grant covering 20 per cent of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £1,875 in total.

I read that as, 20% of your average monthly income paid x3 to cover the 3 months, and not 6.7% x3 to make up the 20%.
If that makes sense, haha!


I know, they worded it very poorly (as usual), I think they were hoping to get away with the lower figure but move to the higher figure if there is too much outburst. They have already re-worded their statement from the original but it is still open to interpretation and still biases to the lower figure if read analytically.

The statement is for two separate grants (covering six months), and it states "a taxable grant covering 20 per cent of
average monthly trading profits". So each grant is 20% of one month's profit, otherwise it should have said 20% of average quarterly profits if it was 20% of three months profit.

The first grant was stated as "80 per cent of monthly trading profits for three months", the third (and fourth) grants use the word "covering" instead of "for", big difference!

Perhaps 20% per month is the intention but its about time they went back to school on their use of English.



The further you are down the pay scale, the more 'essential' you are when the s--- hits the fan... Sue Farbysmith 2020

Insults are engendered from vulgar minds, like toadstools from a dunghill - Charles Caleb Colton

We don't do charity in Germany, We pay taxes. Charity is a failure of governments' responsibilities - Henning Wehn
Re: SEISS 3rd Grant [Re: diggingdeeper] #1079927
4th Oct 2020 10:36am
4th Oct 2020 10:36am
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birkenhead
mikeeb Offline

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mikeeb  Offline

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Originally Posted by diggingdeeper
Perhaps 20% per month is the intention but its about time they went back to school on their use of English.

Hahaha!


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