Good news for self-employed individuals who are still impacted by COVID-19 and need critical support. Now the SEISS scheme will be extended once again to cover November 2020 to April 2021, and will consist of two grants. The third grant will cover November 2020 to January 2021, with the fourth covering February 2021 to April 2021.
How much is the third SEISS worth?
The level of the third grant will be based on 40% of average trading profits, rather than the previously announced 20%, of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £3,750 in total. The level of the fourth grant is to be kept under review and announced in due course.
Are you eligible for the third SEISS ?
As with the other grants, the same eligibility applies, but you don’t need to have claimed the first two grants to be able to claim the next phase of support.
In summary, you can apply for the SEISS if:
- you have average profits of £50k or less.
- you make more than 50% of your total income from self-employment.
- you are already registered as self employed and submitted a tax return for 2018-19 by 23rd April 2020.
- you are trading when you apply, or otherwise would be except for COVID-19, and will continue trading into 2020-21.
It’s important to remember that these grants are not repayable as they are not a loan, but they are taxable, so you will be taxed on how much you receive on your 2020-21 tax return (due 31st January 2022).
How to apply ?
The first step is to establish your online eligibility on gov.uk. Later you will know if you are eligible and from which date you can apply. After the application is made, if HMRC has all your correct details, you will receive the money within 6 days.
Avoid any confusions or delays and get in touch now to receive help with your application. We assist you with every single step until you receive the money in your account.