If you are self-employed or a member of a partnership and have been impacted by coronavirus (COVID-19) you may be eligible to claim the grant.
The Self-Employment Income Support Scheme (SEISS) was introduced earlier this year by Chancellor Rishi Sunak, and the scheme was intended to mirror the Government’s support for the employed under the furlough scheme. Applications have now closed for the first and second grants under the scheme. The scheme has been extended to cover the six months between November 2020 and April 2021.
The third taxable grant is worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total. Applications for the third grant will open from 30 November 2020. If you’re eligible, you must make your claim for the third grant on or before 29 January 2021.
The grant does not need to be repaid if you’re eligible but will be subject to Income Tax and self-employed National Insurance and must be reported on your 2020 to 2021 Self-Assessment tax return.
To be eligible for the third grant you must be a self-employed individual or a member of a partnership. You cannot claim the grant if you trade through a limited company or a trust.
You must have traded in both tax years:
- 2018 to 2019 and submitted your Self-Assessment tax return on or before 23 April 2020 for that year
- 2019 to 2020
You must either:
- be currently trading but are impacted by reduced demand due to coronavirus
- have been trading but are temporarily unable to do so due to coronavirus
You must also declare that:
- you intend to continue to trade
- you reasonably believe there will be a significant reduction in your trading profits
You can make your claim for the third grant from 30 November 2020. You must make your claim on or before 29 January 2021. The online service for the third grant will be available from 30 November 2020.
To make a claim for the third grant your business must have been impacted by coronavirus on or after 1 November 2020.
You can make a claim for the third grant if you’re eligible, even if you did not make a claim for the first or second.
You must make the claim yourself. You must not ask a tax agent or adviser to claim on your behalf as this will trigger a fraud alert, which will delay your payment.
To make your claim you will need your
- Self Assessment Unique Taxpayer Reference (UTR) – if you do not have this find out how to get your lost UTR
- National Insurance number – if you do not have this find out how to get your lost National Insurance number
- Government Gateway user ID and password – if you do not have a user ID, or have lost it, you can create one or find out how to recover your login details when you make your claim
- UK bank details (only provide bank account details where a Bacs payment can be accepted) including:
- bank account number
- sort code
- name on the account
- your address linked to your bank account
You will access this scheme only through GOV.UK. If someone texts, calls or emails claiming to be from HMRC, saying that you can claim financial help or are owed a tax refund, and asks you to click on a link or to give information such as your name, credit card or bank details, it is a scam.
This information is based on information available as of 25 November 2020. Further information and guidance will be made available as it is released.
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