27 Nov Coronavirus Financial Assistance – 27.11.20
Self Employment Income Support Scheme (SEISS)
The first and second grant from the SEISS covered the period from March to October 2020. Further information about the remaining grants have been announced.
The third grant covers the period from 1st November 2020 to 31st January 2021. The government will pay a taxable grant of up to 80% of 3 months average trading profits, capped at £7,500. The online service to make this claim will be available from the 30th November 2020 and applications must be made on or before the 29th January 2021.
The fourth grant will cover the period from February to April 2021. The government will review the level of financial support closer to the time.
New criteria for SEISS
The scheme has been extended to support more businesses. To be eligible for the third grant you must be a self-employed individual or a member of a partnership. You cannot claim the grant if you trade through a limited company or a trust.
If you claim Maternity Allowance this will not affect your eligibility for the grant.
You must have traded in both tax years:
- 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
- 2019 to 2020
You must either:
- be currently trading but are impacted by reduced demand due to coronavirus
- have been trading but are temporarily unable to do so due to coronavirus
You must also declare that:
- you intend to continue to trade
- you reasonably believe there will be a significant reduction in your trading profits
Further information about the SEISS can be found here.
As always, please do not hesitate to get in touch by emailing email@example.com if you need any assistance.