The third Self Employed Income Support Scheme (SEISS) grant will be available from Monday 30 November. You will need to claim in the same way you have done previously. The qualification criteria is the same as before however, there are some tightened restrictions.
Find out if you are eligible for the Third SEISS Grant
To make a claim for the third SEISS grant your business must have
- traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
- traded in the tax year 2019 to 2020
- intended to continue to trade in the tax year 2020 to 2021 and either:
- Currently unable to trade or trading in a reduced capacity due to the virus
- Intend to continue trading and believe that the impact on your business will cause a significant reduction in profit
- The reduction in profits is caused by a reduction in business / work (reduced profits due to additional costs e.g. buying masks etc does not count!).
The third SEISS grant will cover a 3-month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total. This is an increase from the previously announced amount of 55%.
You cannot claim the grant if you trade through a limited company or a trust.
Click on this link to find out if you are eligible. You will need your:
- Self assessment UTR
- National Insurance Number
- Government Gateway ID and password
If you aren’t sure about the first 2 we can help you, but we do not have your Government Gateway ID and password, this is something you have to set up on your own.
If you do not know or don’t have a Government Gateway ID and password here are some step by step instructions about how to get one. Once you have completed the eligibility checker it will prompt you to set up the Government Gateway account.
When you make your claim
You will need your:
- Self Assessment UTR
- National Insurance number
- Government Gateway user ID and password
- Bank account number and sort code you want us to pay the grant into (only provide bank account details where a Bacs payment can be accepted)
You’ll have to confirm to HMRC that your business has been adversely affected by coronavirus.
If you receive the grant you can:
- continue to work
- start a new trade or take on other employment including voluntary work and duties as a military reservist
The grant does not need to be repaid if you’re eligible, but will be subject to Income Tax and self-employed National Insurance.
HMRC will check claims and take appropriate action to withhold or recover payments found to be dishonest or inaccurate.
Once you’ve submitted your claim, you will be told straight away if your grant is approved. The grant will be paid into your bank account within 6 working days.
Remember, (unfortunately) we cannot make the claim for you, the guidance states that if an accountant attempts to submit a claim on behalf of a client it will trigger a fraud alert! We are of course available for help/support.
The Government has already announced that there will be a fourth grant covering February 2021 to April 2021. They will set out further details, including the level, of the fourth grant in due course.
Finally, if you have any questions about the Third SEISS grant please don’t hesitate to contact us.