The Government has now provided full details of the third Self-Employed Income Support Scheme (SEISS) grant.
The grant is payable for the three-month period beginning on 1 November 2020. It is equal to 80% of average trading profits, capped at £7,500. Claims can be made through the existing SEISS website from 30 November 2020 to 29 January 2021.
To be eligible, your business profits must have been adversely affected by Coronavirus in the period from 1 November 2020 to 29 January 2021 and you must have traded in both 2018/19 and 2019/20. Note that reduction in profits due to increased costs, such as having to buy masks, does not count for the purposes of the grant.
To claim you must also confirm that you:
- are trading but at a reduced capacity or demand, or have been previously trading but are temporarily unable to because of Coronavirus
- intend to continue to trade and believe that the impact on your business will cause a significant reduction in your trading profits
Be sure to keep evidence to show the impact and reduction in your business activity over the qualifying period. Read more information and check your eligibility here.
HMRC will also be announcing details of a fourth SEISS grant to cover the three-month period from February 2021 to April 2021 in due course.