Deadline Approaches For Claiming Third SEISS Grant

Third SEISS Grant

 

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

 
Beyond Accountancy

At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.

Nordens Strategic

Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.

Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.

Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.

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Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.

Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.

With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.

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Chris Dyer

Director - Metro Bank

Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.

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Co-Founder - Chicmi Limited

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Very easy to contact and put me in touch with the right person whenever I need to ask any questions. Extremely knowledgeable and can help me manage my various businesses whenever I need.

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Principal - Pauline Quirke Academy

Great accountants, always available to offer advice. The team have transformed my business.

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Founder - Dataphone

Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.

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Dave Hodges

Director - Linekers

Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!

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Founder - Foundation Sports Limited

A fantastic, modern, vibrant firm that care about the clients and their staff in abundance. It is rare to find an Accountancy firm with such vibrance and focus and relationships. It is no wonder they win award after award in their field.

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I have been with Nordens for many years now and they are a great accountants.

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Founder - Vivid Finishes

We have used Nordens for the last 5 years and have had a great service throughout. The guys are very passionate about what they do and have played a part in the growth of our company, highly recommended.

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Managing Director - AMD Interior Architecture

Great Service at Nordens from a friendly very approachable team Particularly Kirsty Willis and Joe Sword who have been helping us since we started the business in 2016.

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Nordens provide a first class service. We moved to Nordens last year and have been impressed with the level of service provided. Keep up the good work!

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Accounting 2 You

In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.

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