Third round of SEISS is now open, but eligibility criteria have been tightened01/12/2020
The Self-Employment Income Support Scheme (SEISS) is now open. However, tighter eligibility criteria have been applied this time around. Here are the details letting you know whether or not you are still eligible:
- The scheme is open to you whether or not you can continue trading
- However, you must have traded in 2018-19 and have submitted your Self-Assessment tax return by 23 April 2020. You must also have traded at some point in 2019-20, and plan to continue doing so in the future
- Unlike rounds one and two, the third round of SEISS is only open to those who “reasonably believe” that they will see a “significant” reduction in profits due to either reduced demand or inability to trade (both as a consequence of the coronavirus) between the periods 1 November 2020 and 29 January 2021.
HMRC has not provided specific details about what constitutes a “reasonable belief” or a “significant” reduction in profits, however, they have offered some example cases that would qualify:
- Having fewer customers than normally expected due to social distancing or government restrictions
- Having one or more contracts cancelled and not replaced
- Carrying out less work due to supply chain disruptions
It is well worth making an SEISS claim if you think you might be eligible. The grant is worth up to 80% of your usual trading profits over three months, capped at £7,500 in total and paid in a single lump sum. The scheme closes on 29 January 2021.
If you need any help deciding whether you fulfil eligibility criteria, or with preparing and making your claim, please get in contact with JW Hinks on 0121 456 0190.