In an earlier announcement, the government outlined the key points of the third self employment income support scheme (SEISS) grant. Now we have the full details – what are they?
Third grant
The grant is payable for the three month period beginning on 1 November 2020. It is equal to 80% of average trading profits, capped at £7,500. Claims can be made through the existing SEISS website from 30 November 2020 to 29 January 2021. Basic conditions for eligibility are that profits must have been adversely affected by coronavirus in the period from 1 November 2020 to 29 January 2021 and that the claimant must have traded in both 2018/19 and 2019/20. Note that reduction in profits due to increased costs, such as having to buy masks, does not count for the purposes of the grant.
Additionally, claimants must confirm that they are:
- trading but at a reduced capacity or demand, or have been previously trading but are temporarily unable to because of coronavirus
- intend to continue to trade and believe that the impact on their business will cause a significant reduction in their trading profits
Claimants must keep evidence to show the impact and reduction in their business activity over the qualifying period. For more information and examples to help you check eligibility click here.
Fourth grant
There will be a fourth SEISS grant covering the three-month period from February 2021 to April 2021. HMRC will announce further details nearer the time.
HMRC has confirmed that if you opt in to the new scheme you can still set up a time to pay arrangement for other tax debts. More information on these arrangements is available here.
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