The government has extended the Self-Employment Income Support Scheme for self-employed people affected by coronavirus. The current (third) SEISS grant covers the period from 1 November to 29 January 2021.
What you need to know
The rules on who is eligible to claim have changed. HMRC expects you to make an honest assessment about whether you believe your business will suffer a significant reduction in profit due to coronavirus.
You must keep evidence to support your claim.
If you were not eligible for the first two grants, you will not be able to claim this one. You must have submitted a Self Assessment tax return for the tax year 2018-19 showing self-employment income to qualify.
The third SEISS grant is worth 80% of your average monthly trading profits, paid in a single amount covering 3 months, and capped at £7,500 in total. It will be subject to Income Tax and National Insurance and must be reported on your 2020 to 2021 Self Assessment tax return.
Check your eligibility and claim online
The online service to claim the third SEISS grant is open. If you are eligible, you must make your claim on or before 29 January 2021.
You can check your eligibility and make a claim here.
If you would like to discuss any aspect of business finance, funding or accounting, please get in touch. Enquire online or contact one of our offices.