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The third Self Employed Income Support Scheme Grant can be claimed from today.  It can be claimed at any time from today (30^th November 2020) until the 29^th January 2021.  The grant money, like trading profits, will be subject to tax and National Insurance Contributions, and must be reported on your tax return for the tax year ending 5^th April 2021.

To make a claim for the third grant you must –

• be self-employed or a member of a partnership – you cannot claim the grant if you trade through a limited company

• have traded in both the tax years 2018 to 2019 and 2019 to 2020

What has changed from the first two grants –

For this third SEISS grant you must:

• either be currently trading but impacted by reduced business activity, capacity or demand, or have been previously trading but are temporarily unable to do so due to coronavirus
• declare that you intend to continue to trade, or restart trading, and that you reasonably believe that the impact on your business will cause a significant reduction in your trading profits

• only claim if the reduction in profits is caused by reduced business activity, capacity or demand, or inability to trade due to coronavirus – reduction in profits due to increased costs (such as having to buy masks, screens or other protective equipment) does not make a business eligible for the third SEISS grant

HMRC state –

‘We expect claimants to make an honest assessment about whether they reasonably believe their trading profits will be significantly reduced compared to what they would otherwise expect to achieve during this period.

Their business must have been impacted on or after 1 November 2020. Customers must keep evidence that shows how their business has been impacted by coronavirus, resulting in reduced activity, capacity or demand, or a temporary inability to trade.’

Should you require information specific to your personal circumstances please contact Koreen on 07531741287 or send an e-mail to koreen@synergyaccounting.co.uk