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Update to Self-Employment Income Support Scheme (SEISS)

The Self-Employment Income Support Scheme has been extended and the third grant claim is now available to be claimed online by businesses who have been affected by coronavirus on or after 1 November 2020. Businesses, trading as a sole-trader or partnership can make a claim for the third grant, even if they did not make a claim for the first or second grant. The purpose of this email is therefore to provide you with up to date guidance on the extended SEISS to the extent this is known at the date of writing.

STRUCTURE OF THE FURTHER EXTENTION TO THE SEISS
Business will be able to claim the grant provided you either:
• are currently trading but are impacted by reduced demand due to coronavirus, or
• have been trading but are temporarily unable to do so due to coronavirus.

You must also declare that:
• you intend to continue to trade, and
• you reasonably believe and can also demonstrate that there will be a significant reduction in your trading profits during the period 1 November 2020 to 29 January 2021.

If you are eligible, you will receive a grant worth 80% of the average trading profits over the last 3 tax years for the 3 months. This is paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total.

There will be a fourth grant covering February 2021 to April 2021. We will set out further details, including the level of the fourth grant in due course once the Government has made the announcement.

HOW TO APPLY FOR THE SEISS
You must apply through the online service through your Government Gateway with your user ID and password. Applications are now open and the deadline for the third grant is 29 January 2021.

CONCLUSION
We hope this information regarding the latest update will be helpful to you. If you do have questions please don’t hesitate to contact us on welcome@pkgroup.co.uk or +44 (0)20 8334 9953

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