COVID-19 Update – 1 December – 3rd SEISS claim now open

The portal for the Self-Employment Income Support Scheme opens in phases over this week allowing taxpayers to apply for the third grant.

As previously highlighted the conditions for this grant are tighter and require more judgement, so please ensure you have read the updated guidance carefully before making a claim.

The third grant is calculated as 80% of the average of three months of trading profits, up to a maximum of £7,500. Subject to eligibility, the third grant can be claimed even if previous grants were not.

The conditions for, and the amount of, the fourth grant have not yet been announced. The fourth grant will not be available until after the filing deadline for 2019/20 self assessment tax returns, which opens up the possibility that the fourth grant may be available to those that started to trade in 2019/20 and the calculations may include income reported for that year.

The government has yet to announce a decision, but to avoid the risk of not qualifying for the fourth grant because the return has not been filed, it is important to ensure 2019/20 tax returns are filed by 31 January 2021.