Qualifying Self-Employed people will be able to claim for the third SEISS grant from 30 November 2020.
As with the previous two grants, in order to claim, an individual must:-
- have submitted their 2018-19 self-assessment tax return
- be currently trading; or
- would be trading were it not for Covid-19.
However, for the first time, a claimant must make a declaration to say they have made “an honest assessment about whether they reasonably believe their trading profits will be significantly reduced due to coronavirus”.
The grant will be up to 80% of 3 months profits, which is calculated as 25% of 2018-19 profits, in accordance with the previously submitted tax return. This is capped at £7,500.
Again, the grant will be included in profits for 2020/21, and tax and national insurance will therefore be due through self-assessment.
Further details, including guidance on how to claim, can be found here:-
The deadline for making a claim is 29 January 2021.
If you know someone who might benefit from the information in this post, please feel free to share it with them.
And, as always, please call the GreenStones team on 01733 371180 if you require any support with making a claim.