The Third SEISS - New Stricter Criteria

by Adam Marlow

The Third SEISS - New Stricter Criteria

The Third Self-Employed Income Support Scheme Grant opens on MONDAY, but this time with stricter criteria!

 

On Monday 30th November, the third of four Self-Employment Income Support Scheme (SEISS) grants will open for applications. This third grant will cover the period 1st November to 31st January and the amount that can be claimed has increased to 80% of average monthly trading profits over 3 months, capped at £7,500.

However, this time the application criteria is stricter, and unfortunately, those excluded from the first two grants are still excluded for applying for the third grant.

Here are the key facts;

  • You must believe you will 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.
  • This third grant is different from the previous two grants, which only required you to have been "adversely affected". For example, you can't claim grant three if the only impact is increased costs for your business for example purchasing cleaning supplies. However, there are still a wide range of scenarios where you may be able to claim, for example, if you need to self-isolate and this impacts on your ability to work and therefore you see a reduction in profit.
  • Only those who were eligible to apply for the first two grants are eligible for the third.
  • You must have filed a tax return for 2018/19, your average trading profit must be no more than £50,000 a year, and 50%+ of your income must come from self-employment. 

Applications open on Monday 30th November, however, if you are potentially eligible to claim you will be allocated a slot by HMRC between Monday 30th November and Friday 4th December to apply. If you miss this slot you will still have until 29th January to claim.

As previous claims you will access this via the Government claims portal and will need your self-assessment unique taxpayer reference, national insurance number, Govt Gateway user ID and password, and bank details. 

One final word of warning, if you are claiming universal credit, then it is very important to time your SEISS application. When you receive SEISS grant it is classed as income, meaning the amount of universal credit you receive may decrease. 

As always, if you need help or advice regarding the Self Employed Income Scheme or other grants available to you or your business then please contact us on 01530 833474 or email carl@marlow-proactive.co.uk

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