The full details of the third Self-Employed Income Support Scheme (SEISS) grant have been unveiled, here’s what you need to know.
The third grant which is equal to 80% of average trading profits, capped at £7,500, is available for the three-month period beginning 1st November 2020 and ending January 2021.
Claims for this grant can be made as of 30th November 2020 until 29th January 2021 via the existing SEISS website.
To be eligible for the grant, the claimant must have traded in both 2018/19 and 2019/20 and their profits must have been adversely affected by coronavirus during this three-month period. It is important to note that a reduction in profits due to increased costs, such as having to purchase additional PPE equipment, does not count for the purpose 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; or
- 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.
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 and once we know these details we will share these with you.
If you have any questions in relation to the SEISS grant please contact us.