On Mon, the third of four Self-Employment Income Support Scheme (SEISS) grants opens for applications. It covers the 1 Nov-31 Jan period and the amount you can claim has increased since it was first announced – it’s now 80% of avg monthly trading profits over 3mths, capped at £7,500. Yet this time the application criteria are stricter, while those excluded from the first two grants are sadly still excluded. In brief:
- New. This time you must believe you’ll have a “significant reduction” in profits. This can be for one of two reasons – either because of “reduced demand, activity or capacity” OR you’re temporarily unable to trade. We’ve put some of these phrases in quote marks as that’s how the Govt sums it up but there’s lots more key detail – see Can I claim the third grant? for full help.
This is very different from grants 1 and 2, which only required you to have been “adversely affected”. For example, you can’t claim grant 3 if the only impact is increased costs for your business, eg, buying face masks and cleaning supplies. Yet there are still a wide range of scenarios where you may be able to claim, eg, if you’re instructed to self-isolate and it significantly reduces profits.
- Only those who were eligible to apply for the first two grants are eligible for the third. In a nutshell, you must have filed a tax return for 2018/19, your avg trading profit must be no more than £50,000/yr, and 50%+ of your income must come from self-employment. See full eligibility help.
- Applications open from Mon – but you’re given a slot which could be a few days after. HM Revenue & Customs is writing by Mon to all those potentially eligible to claim. To help its systems cope, you’ll be given a slot between Mon 30 Nov and Fri 4 Dec to apply, though if you miss it you’ve until 29 Jan to claim. You do it via the Govt claims portal and will need your self-assessment unique taxpayer reference, national insurance number, Govt Gateway user ID and password, and bank details. See full info on how to apply.