Self-Employment Income Support Scheme

Changes to SEISS Grant Extension 

The rules on who is eligible to claim have changed.

However, any claimants will still need to have submitted a Self-Assessment Tax Return for the tax year 2018 to 2019 showing self-employment income in order to claim (unless one of the existing exceptions applies).

The rules on who is eligible to claim have changed. However, any claimants will still need to have submitted a Self-Assessment Tax Return for the tax year 2018 to 2019 showing self-employment income in order to claim (unless one of the existing exceptions applies).

The third grant, which offers 80% of three months’ average trading profits, paid out in a single taxable instalment capped at £7,500, will be available covering the period from 1 November 2020 to 29‌ ‌January 2021. Self-employed people who are eligible and in need of support will be able to claim the third grant at any time from 30‌ ‌November 2020 to 29‌ ‌January 2021.

Who is eligible

To make a claim for the third grant, claimants must meet a number of conditions, and make an honest assessment about whether they reasonably believe their trading profits will be significantly reduced due to coronavirus.  

As previously, the third grant will also be subject to Income Tax and self-employed National Insurance and must also be reported on 2020 to 2021 Self-Assessment Tax Returns.

As before, to make a claim for the third grant, claimants must:

·         be a self-employed individual or a member of a partnership. They cannot claim the grant if they trade through a limited company or a trust

·         have traded in both the tax years 2018 to 2019 and 2019 to 2020.

For the third SEISS grant claimants must also:

·         either be currently trading but are impacted by reduced activity, capacity or demand, or have been previously trading but are temporarily unable to do so due to coronavirus

·         declare that they intend to continue to trade, and that they reasonably believe that the impact on their business will cause a significant reduction in their trading profits

·         only claim if the reduction in profits is caused by reduced business activity, capacity or demand, or inability to trade due to coronavirus – reduction in profits due to increased costs (such as having to buy masks) does not count for this purpose.

When deciding whether the reduction is significant, claimants will need to consider their wider business circumstances.

HMRC expect claimants to make an honest assessment about whether they reasonably believe their trading profits will be significantly reduced compared to what they would otherwise expect to achieve during this period.

The business must have been impacted on or after 1 November 2020. Claimants must keep evidence to show the impact and reduction in their business activity across the qualifying period.

We will continue to provide updates as the situation arises in order to try and keep you informed of the latest government assistance.

Please be assured, once again, that we are only a phone call away, and do not hesitate to contact us if we can be of any assistance.

Please remember to visit our website www.fc-accountants.co.uk for regular updates and features.

Latest news, case studies & events

Business Guidance for Covid-19
news
Coronavirus (COVID-19) Third National Lockdown

Although we do spend a vast amount of time each year chasing clients for information and signed pages of Tax…

Business Guidance for Covid-19
news
CJRS (coronavirus job retention scheme) – what about the Christmas holiday?

Claims under the Coronavirus Job Retention Scheme (CJRS) are currently open for pay periods in November and December 2020 and…

Business Guidance for Covid-19
news
Coronavirus Latest Announcement

Publishing employers’ information HMRC will publish the names, an indication of the value of claims and Company Registration Numbers of…

Business Guidance for Covid-19
news
Self-Employment Income Support Scheme (SEISS) Grant Extension

The rules on who is eligible to claim have changed. However, any claimants will still need to have submitted a Self-Assessment…

Business Guidance for Covid-19
news
Job Retention Scheme & Self Employment Income Support Scheme

It was also confirmed that the Job Retention Bonus will no longer be paid in February 2021, as CJRS will…

Business Guidance for Covid-19
news
Coronavirus Latest Announcement

Coronavirus Job Retention Scheme The Coronavirus Job Retention Scheme (CJRS), which was due to end on 31 October, will now…

What our clients say...

Sayeed is a highly professional accountant, his effective strategy & planning saved me from paying a hefty amount of tax which I would have paid should I had not taken his advice.

I would highly recommend F&C Accountants

I highly recommend Mr Usman Nazir as an accountant. His in-depth knowledge and experience helped me immensely and with my tax return. He quickly took the stress out of the process for me and worked through my finances promptly making me savings that I would have not been able to achieve by myself. I am very thankful now to be on his books as I know now I have his experience and input for the next time making the process so much easier.

Highly recommended, he listens to his clients! I am extremely grateful for Usman’s sound advice and support over the last six months. I see him regularly at our networking group and one day I expressed my frustration of my then accountant. Usman offered to help with no obligation or payment, so I gave him access and I quickly realised he was going to be a great asset so I switched accountants in June this year. Usman liaised with HMRC to do a review of my accounts dating back to 2017. He kept me informed at all stages and ultimately it allowed me to free up cash to reinvest in the business. I am extremely grateful and can safely say Usman always has the client’s interest at heart and makes them feel at ease even when deadlines are due. If you are frustrated with your current accountant or you’re not getting strategic financial and business advice, I would recommend Usman in a heartbeat knowing your business growth is his primary objective. Thank you Usman, I am forever grateful and will continue to highly recommend you and your team!

Mike is a very knowledgeable and professional accountant. He has been my accountant for a long time.

We would highly recommend Mike and his team for their exceptional services

I have been a client of Usman’s for many years. He is very professional and reliable always responds quickly to my queries. I can highly recommend his accountancy services.

Yes this chap has helped me with my accounts and has done a fantastic job Well recommended Very pleased with the outcome

Usman is highly professional, efficient & highly knowledgeable accountant. His effective tax consultancy and accountancy services had made us save and plan tax. We highly recommend him.