Self employment Income Support Scheme extension (3rd grant) now open for claims

SEISS  has been extended and the online service to claim the third grant is now open. Those eligible must make their claim on or before 29 January 2021.

If you were not eligible for the first and second grant based on the information in your Self Assessment tax returns, you will not be eligible for the third.

To make a claim for the third grant your business must have had a new or continuing impact from coronavirus between 1 November 2020 and 29 January 2021, which you reasonably believe will have a significant reduction in your profits.

The third taxable grant is worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total.

The grant does not need to be repaid if you’re eligible, but will be subject to Income Tax and self-employed National Insurance and must be reported on your 2020 to 2021 Self Assessment tax return.

For further  information, eligibility and how to claim please visit Check if you can claim a grant through the Self-Employment Income Support Scheme - GOV.UK (www.gov.uk)

Posted on: Monday 30th November 2020