The eligibility rules for the third of the Self-employment Income Support Scheme (SEISS) grants have tightened further to include additional criteria.
This week sees the opening of the portal to claims for the third SEISS grant and HMRC issuing amended guidance for claimants. Previously, to be eligible for this latest SEISS grant, businesses had to be ‘adversely affected due to coronavirus’ and also:
- be currently trading but be impacted by reduced demand due to coronavirus; or
- have been trading but be temporarily unable to do so due to coronavirus.
Now, as outlined in the government’s Check if you can claim a grant through the Self-Employment Income Support Scheme guidance document, there are two additional requirements.
You must also declare that:
- you intend to continue to trade
- you reasonably believe there will be a significant reduction in your trading profits
The ‘significant reduction in trading profits’ will refer to whole of the accounting period. This means that some businesses will have to forecast their results and others, with a 30 April accounting date, will not submit relevant results on their tax returns until January 2023.
What to do next?
Given this additional layer of requirement, we strongly urge potential claimants to get in touch with our team – we can give you advice and support to determine whether you are eligible and ensure your claim goes through smoothly.
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