Self-employed people affected by coronavirus have just one more week to claim the third government grant.
Self-Employment Income Support Scheme (SEISS) claims need submitting to HMRC by next Friday (29 January) at the very latest.
Those eligible for the third self-employment grant should have received notification via email or text.*
Using the Government Gateway, applicants must fill in the appropriate details. Remember, these are subject to tax.
The Chancellor extended the SEISS following pressure from business groups, saying it was unfair as the furlough scheme was extended to 31 March.
- To be eligible for the scheme applicants must meet the following criteria:
- Your business must have been impacted by coronavirus from or after 1 November 2020.
- Be self-employed or a member of a trading partnership.
- Their business must have been adversely affected by Covid-19.
- Have filed a tax return for 2018-19.
- Was trading in 2019-20 and be trading at the point of application and intending to continue to trade in the tax year 2020-21.
- Trading profits should not be more than £50,000 and more than half of total income should be from self-employment.
Sadly, the eligibility hasn’t changed from the first round of grants, which means many people who became self-employed since 2019 miss out.
How much is the self-employment grant?
This grant, which is the third since the first lockdown last March, covers 80% of trading profits over three months, up to a maximum of £7,500.
The payment covers the three months from November to January. As with previous grants, you do not have to repay but payments are subject to income tax and National Insurance contributions.
A fourth grant, covering February to April this year, has been announced. Full details are yet to be released but it cannot be applied for yet.
For full details of eligibility, you can check the government’s website.
* Remember, emails and texts from HMRC never ask you to give any details, such as bank information. They do not containt any links to click, either. If you receive one with links or requests for personal information it is a scam!