The government has announced that the third of the Self-employment Income Support Scheme (SEISS) grants will be based on 80% of trading profits, a further increase from the recently advised level of 55%.
The SEISS grant extension will provide financial assistance to the self-employed over two, 3-month periods; November 2020 - January 2021 and February 2021 - April 2021. The maximum grant for SEISS 3 has also been increased – from £5,160 to £7,500. The level of the fourth grant is still to be confirmed.
HMRC has confirmed that the claims portal will open on 30 November 2020 rather than 14 December 2020 as was previously advised.
Eligibility criteria
The eligibility criteria remain unchanged. Self-employed individuals, including members of partnerships, must:
- have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)
declare that they intend to continue to trade and either:- are currently actively trading but are impacted by reduced demand due to coronavirus
- were previously trading but are temporarily unable to do so due to coronavirus
For more information on the Self-employment Income Support Scheme, please click here.
The information provided in this blog is for general informational purposes only and should not be considered professional advice. As far as we are aware, the content is accurate at time of publication. Torgersens assumes no responsibility for errors or omissions in the content or for any actions taken based on the information provided.
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