The window to apply for the third grant under the Self-Employed Income Support Scheme (SEISS) is set to close on 29 January 2021. Claims for the third grant under the scheme relate to the period between 1 November 2020 and 31 January 2021, with claimants being required to answer a “significant reduction in trading profits” test with regards to their income during this period.
The timing of the deadline is unfortunate, with the self-assessment deadline of 31 January 2021 following closely behind. With that in mind, we urge all eligible self-employed individuals who haven’t yet submitted their SEISS claim to start the process as soon as possible in order to qualify for the third grant, but also ensure they have plenty of time to complete both their application for the support and their self-assessment return too.
Some things to keep in mind
– Please be reminded that although HMRC has specified some flexibility around late self-assessment returns for those affected by COVID business closures (see our recent blog), it is not usually possible to make a late SEISS claim
– In contrast to the first and second SEISS grants, the eligibility criteria for the third claim period was tightened (please see our blog for more on this and whether you are still eligible to apply)
– All three SEISS grants are taxable in the 2020/21 tax year – therefore no elements of the SEISS grants should be reported in the 2019/20 self-assessment returns which are due to be submitted by 31 January 2021
– The Government has announced a fourth grant will be available to cover the period between February – April 2021 (no details have been released as of yet)
Further guidance and clarification around the tightened eligibility criteria for the third SEISS grant is outlined in the ICAEW’s recent article (please click here).
Get in touch
For advice or support in understanding your eligibility or any other SEISS related queries, please speak to your usual PM+M adviser or email us at firstname.lastname@example.org and we’ll direct you to the right person.
This information is correct as of 18 January 2021. This blog is for general guidance only. Recipients should not act upon any of the information provided without seeking specific professional advice tailored to your circumstances, requirements or needs. Please contact PM+M before making any decisions based on any matters relating to this blog.