You only have until 29 January to submit your application!
The third grant provided by the Self Employment Income Support Scheme (SEISS) will only remain open to applications until 29 January.
If you believe that you are eligible for this grant, which offers a taxable support payment equal to 80 per cent of the average of three months’ trading profits (up to a maximum of £7,500), you should apply immediately.
Many of those who have previously used the scheme may still be eligible, as long as they are a self-employed individual or a member of a partnership, have trading profits of no more than £50,000 per year and meet the following criteria:
You must have traded in both tax years:
- 2018/2019 and submitted your Self-Assessment tax return on or before 23 April 2020 for that year
You must either:
- be currently trading but are impacted by reduced demand due to coronavirus
- have been trading but are temporarily unable to do so due to coronavirus
You must also declare that:
- you intend to continue to trade
- you reasonably believe there will be a significant reduction in your trading profits
You cannot claim the grant if you trade through a limited company as a director or you operate through a trust.
To confirm your eligibility and to make an application, please use the link below:
Those who have used the scheme previously or intend to apply for the latest grant should be aware that all SEISS grants are taxable in the 2020/21 tax year.
This means that no element of the SEISS grants should be reported on a 2019/20 Self-Assessment tax return, which should be filed by 31 January 2021.
Funding via a fourth grant should be available soon, which will cover the period from February to April 2021.
The details of this fourth grant, including its launch date and the amount of financial support available through it, are yet to be confirmed.
Claims for SEISS have to made by the taxpayer themselves and cannot be made by agents. However, if you need support preparing a claim for the SEISS or need assistance calculating this income in future tax returns, please speak to our experienced team.