Only a few days are left to submit applications for the third SEISS grant

Any applications for the latest round of the Self Employment Income Support Scheme (SEISS) must be submitted by the deadline on 29 January 2021.

This grant offers a taxable support payment equal to 80 per cent of the average of three months’ trading profits (up to a maximum of £7,500) to eligible individuals.

If you believe that you are eligible for this grant, you should apply immediately.

Many of those who have previously used the scheme may still be eligible, as long as they are a self-employed individual or a member of a partnership, have trading profits of no more than £50,000 per year and meet the following criteria:

You must have traded in both tax years:

  • 2018/2019 and submitted your Self-Assessment tax return on or before 23 April 2020 for that year
  • 2019/2020.

You must also either:

  • Be currently trading but are impacted by reduced demand due to Coronavirus; or
  • Have been trading but are temporarily unable to do so due to Coronavirus.

You must also declare that:

  • You intend to continue trading; and
  • You reasonably believe there will be a significant reduction in your trading profits.

Further clarification on what constitutes reduced demand or a significant reduction in trading profits can be found on the GOV.UK website here.

You cannot claim the grant if you trade through a limited company as a director or you operate through a trust.

To confirm your eligibility and to make an application, please use the link below:

Click here to apply for the SEISS grant

Those who have used the scheme previously or intend to apply for the latest grant should be aware that all SEISS grants are taxable in the 2020/21 tax year.

This means that no element of the SEISS grants should be reported on a 2019/20 Self-Assessment tax return, which should be filed by 31 January 2021.

Funding via a fourth grant should be available soon, which will cover the period from February to April 2021. The details of this fourth grant, including its launch date and the amount of financial support available through it, are yet to be confirmed.

Claims for the SEISS have to made by the taxpayer themselves and cannot be made by agents, such as accountants.

However, if you need support preparing a claim for the SEISS, we can assist you.

For more information about Carroll & Co. Accountants in Sutton Coldfield, please contact us.