Millions of self-employed workers continue to face uncertainty in terms of their business’s future after the UK, alongside the rest of the world, was plunged into the coronavirus pandemic. The SEISS grant scheme has been in place since the first lockdown, introduced by Chancellor of the Exchequer Rishi Sunak, allowing people who can’t trade to claim money from the Government. Earlier this month, the Treasury announced SEISS would continue until April 2021 as the country grapples with new variants and a mass vaccination programme, meaning things won’t be able to get back to normal as soon as previously hoped.
The online service to apply for the third SEISS grant is now available and is open to applications until January 29, 2021.
Chancellor Rishi Sunak confirmed the third grant, covering November to January, will be calculated at 80 percent of average trading profits, up to a maximum of £7,500.
This is consistent and in line with the rules for the first and second grant he brought out last year.
The fourth grant will cover a three month period from February 1, 2021, until April 30, 2021.
All of the grants are classed as taxable income and are subject to National Insurance contributions and credits.
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Who can claim SEISS?
If you weren’t eligible for the first and second grant based on the information on your Self Assessment tax returns, then you won’t qualify for the next one.
The Government writes: “HMRC expects you to make an honest assessment about whether you reasonably believe your business will have a significant reduction in profits.
“To make a claim for the third grant your business must have had a new or continuing impact from coronavirus between November 1, 2020 and January 29, 2021, which you reasonably believe will have a significant reduction in your profits.”
When is the 4th SEISS grant available?
The Treasury has confirmed a fourth grant will be available for the self-employed to see them through the next few months.
As it stands, however, it’s unclear when the fourth SEISS grant will be available to claimants.
The Treasury has confirmed to Money Savings Expert Martin Lewis further details about the grant and its conditions will be outline in the Budget on Wednesday, March 3.
Considering the third grant is still open for applications, you can’t apply for the fourth one yet and the Government hasn’t provided any clarity as to when this could be.
More information should be available in due course, and the Chancellor should release more details on Government support packages in his upcoming March Budget.