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THIRD SEISS GRANT OPENS

The third self-employment income support scheme (SEISS) grant has now opened for applications. To qualify for the grant, applicants must either be currently trading and affected by reduced demand, or temporarily unable to trade as a result of the coronavirus pandemic, according to Government officials.

Cheshire accountants Afford Bond said: "If an applicant is eligible, the third grant will offer a lump sum up to a maximum of £7,500 to cover 80% of their business’s average trading profits, covering the period between November 2020 and January 2021. However, please note that the rules for claiming the third grant are “stricter” and “more complex” than before."

The new guidance now includes an additional test regarding eligibility, which requires the claimant to plan to continue trade and believe there will be a significant cutback in their profits due to the pandemic.

Paul Edwards, Director said:  "There have been calls for a more focused distribution of SEISS and better efforts made to target the funds at those most badly affected, but many self employed people remain concerned that these new rules are confusing and risk creating a climate of fear around applying. We would encourage you to apply if you believe you meet the criteria.

These complex rules - which are explained further on the HMRC website - may deter many self-employed from claiming support they need – and leave those who do always looking over their shoulder for fear of HMRC demanding the money back.

If you need further expert accounting advice or guidance, please do not hesitate to contact us. Call Nantwich accountants onT: 01270 623731 or Wilmslow accountants on T: 01625 416380.