The deadline for the third Self-Employment Income Support Scheme (SEISS) grant is approaching and all claims must be made on or before Friday 29th January 2021.
The third 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.
To make a claim for the third SEISS grant, your self-employed business must have been adversely affected by coronavirus, between 1st November 2020 to 29th January 2021.
HMRC guidance states that to be adversely affected, your business must have suffered a significant reduction in trading profits due to reduced activity, capacity, demand or inability to trade.
If you are unable to work due to having additional caring responsibilities as a result of school closures, you will be eligible to claim, providing you meet all other conditions, and that your trading profits will be significantly reduced as a result of taking time off work
If you were not eligible for the first and second grant based on the information in your Self-Assessment tax returns, you will not be eligible for the third.
Making the claim
To make the claim you will need the following information to hand:
- Tax Reference
- National Insurance Number
- Government Gateway user ID and password
- Account number and sort code for the bank account you want the grant paid into
You should keep a copy of all records relating to the claim including:
- The amount claimed
- The claim reference number
- Evidence that your business has been adversely affected by coronavirus
The fourth SEISS grant
Further information about the fourth SEISS grant which will cover a three-month period from the start of February until the end of April will be provided on 3rd March.
If you have any queries about making a claim, or need any further information, please get in touch.