The window to apply for the third Self Employment Income Support Scheme (SEISS) grant closes on 29th January 2021. We would like to remind all claimants that it is not usually possible to make a late claim under the scheme, please contact us to make sure that all of your paperwork is update to ensure you don’t miss out. If you’re self-employed or a member of a partnership and have been impacted by Coronavirus (COVID-19) find out if you can use this scheme to claim a grant.
How To Claim For Third SEISS Grant
To make a claim for the third SEISS grant, your business must have had a new or continuing impact from Coronavirus between 1st November 2020 and 29th January 2021, which you reasonably believe will have a significant reduction in your profits. The timing of the deadline for claims for the third (SEISS) grant is unfortunate, clashing as it does with the self assessment filing deadline.
A number of self-employed people are excluded from the Government’s Self-Employment Income Support Scheme. SEISS is open to self-employed individuals or members of partnerships, but not to people who trade through a limited company or trust. To get the grant, the claimant needs to earn at least half of their income from self-employment, and average trading profit must be less than £50,000 per year. You must intend to continue to trade. You cannot make a claim if you have plans to close your business.
Opposed to earlier information, we now know that you don’t need to have applied for an earlier grant to receive the third or fourth grant As long as you meet the eligibility criteria, it is possible to apply for just one or any combination of the four grants.
Did you know that you can claim the SEISS grants on top of local lockdown payments? If you own a business premises that needs to shut, you can get both, however you must be trading and intending to continue to trade at the time of application for the SEISS grant. Contact your Nordens account manager to find out more on what local lockdown payments are available.
What To Expect From The Third SEISS Grant & Future Grants
The third taxable grant is worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total. The grant does not need to be repaid if you’re eligible, but will be subject to Income Tax as well as self-employed National Insurance and must be reported on your 2020 to 2021 Self Assessment tax return. You must keep evidence to support your claim.
The government has announced that there will be a fourth grant, covering the period February to April 2021. The conditions for the fourth grant, and the amount, have not yet been released . Pending a further announcement, likely to be the UK Budget on 4th March 2021, it would be advisable to ensure that any 2019/20 tax returns are filed by the 31st January deadline.
Unfortunately, we don’t currently know whether information from 2019/20 tax returns will be taken into account for the fourth grant. We suggest to ensure that they are filed on time in case that does happen. Contact us immediately to ensure all of your paperwork is up to date – 02085300720 or email businessdevelopment@nordens.co.uk
