Self-Employment Income Support Scheme (SEISS) – Third Grant
Applications for the third SEISS grant opened on 30 November 2020 (on a staged basis) and can be claimed through individual Government Gateway accounts as with the first two grant claims. All applications must be made by 29 January 2021.
If you are eligible, you’ll receive a grant worth of 80% of 3 months’ worth of profits, capped at £7,500 in total. This will be paid out in a single instalment. As with the first and second grant, all grant amounts received are taxable.
To make a claim for the third grant your business must have been impacted by coronavirus on or after 1 November 2020 and you can make a claim for the third grant even if you did not make a claim for the first or second grants. The eligibility criteria for the third grant are different from the first and second grant so please review these before making a claim. The eligibility criteria are:
- You must have traded in tax years 2018/19 and 2019/20.
- You must either be trading but are impacted by reduced demand due to coronavirus or have been trading but are temporarily unable to do so due to coronavirus.
- You must also declare that you intend to continue to trade and you reasonably believe there will be a significant reduction in your trading profits.
The eligibility criteria include new phrases intended to restrict claims to individuals currently requiring support:
- Impacted by reduced demand – for example; this could mean you have fewer customers or clients than normal, have contracts that have been cancelled and not replaced, have carried out less work due to supply chain disruptions.
- Reasonably believe – In order to claim, you must reasonably believe that you will suffer a significant reduction in trading profits due to reduced business activity, capacity or demand or inability to trade due to coronavirus during the period 1 November to 29 January 2021. You must keep evidence that shows how your business has been impacted by coronavirus resulting in less business activity than otherwise expected.
- Significant reduction – before you make a claim, you must decide if the impact on your business will cause a significant reduction in your trading profits for the tax year you report them in.
Like the first and second claims, CFW as agents are not able to make this claim on your behalf. We will gladly help you to review if your business meets the criteria, however it is your responsibility to determine if you are eligible to make a claim.
A UK Government general COVID-19 support website can be found here. It contains guidance on all matters pertaining to the Coronavirus.