Applications Open For Third SEISS Grant
Applications opened today for the third round of the Self-Employed Income Support Scheme (SEISS). This scheme will provide invaluable relief to self-employed people who have had their trade disrupted by the winter coronavirus restrictions.
This support will take the form of a taxable grant covering 80% of average monthly trading profits, paid in a single 3-month sum which is capped at £7,500. The application deadline is 21st January 2021 and you can apply here.
The eligibility criteria for the grant have been tightened since the first and second round where, to be eligible, an applicant must:
Have submitted their 2018/19 self-assessment tax return by 23 April 2020
Have traded in the tax year 2019/20
Intend to continue to trade in the tax year 2020/21
Carry on a trade which has been adversely affected by coronavirus
In addition to the above criteria, applicants for the third round must have faced a new or continuing impact from coronavirus between 1 November 2020 and 29 January 2021, which they reasonably believe will result in a significant reduction in their profits. HMRC has set out additional guidance where special circumstances apply, for example where an applicant is a military reservist or a member of a partnership.
With over half a million of the 5 million UK self-employed workers at the start of the pandemic having since lost their livelihoods, this scheme represents welcome support for a group which has proved particularly vulnerable to the economic hardship caused by the pandemic. A fourth grant is also expected to be available between February and April.
If you are self employed and looking for ways to manage your finances or obtain government support during the pandemic, we may be able to help. Get in touch to book a free one hour consultancy here.