SEISS application: When do applications for third SEISS grant open?

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The Self-Employment Income Support Scheme (SEISS) helps self-employed individuals and members of partnerships affected by the COVID-19 crisis in the UK. The Government support scheme was announced by Chancellor Rishi Sunak earlier this year, and it has so far been extended twice.

Announcing the extended grant, the Chancellor said: “I’ve always said that we must be ready to adapt our financial support as the situation evolves, and that is what we are doing today.

“These changes mean that our support ill reach many more people and protect many more jobs.

“I know that the introduction of further restrictions has left many people worried for themselves, their families and their communities.

“I hope the Government’s stepped-up support can be part of the country pulling together in the coming months.”

The second grant was worth 70 percent of a self-employed’s average monthly trading profits, capped at £6,570 in total.

You can now longer make a claim for the second grant, as it close on October 19.

However, the Government has announced a third grant, to help those affected through the hard winter months.

If you receive the grant you can continue to work, starts a new trade or take on other employment.

The SEISS will not have to be repaid, but is taxable and subject to Income Tac and self-employed National Insurance.

When do applications for third SEISS grant open?

The Government is yet to open applications for the third grant, but HMRC will provide details about claiming and applications on Gov.UK in “due course”.

The third extension to the SEISS will last for six months, from November 2020 to April 2021.

The grants will be paid in two lump sum instalments, each covering a three-month period.

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This time, however, the Government will provide money covering 40 percent average monthly trading profits, capped at £3,750 in total.

The third grant will cover the period from November 1, 2020 until January 31, 2021, while the fourth grant will last from February 1, 2021 to April 30, 2021.

The amount for the fourth grant is still be confirmed.

Chris Bowles at advisors Old Mill related to the news of a third grant, telling Forbes: “While the government could have gone further, this latest intervention is welcome in that it secures a lifeline for many self-employed business owners who have been left to fend for themselves to a large extent and were becoming increasingly nervous about the impact of another enforced lockdown.

“Hopefully this measure, when combined with careful planning and the financial support measures previously announced, will buy businesses the time needed to see them through the difficult months ahead.”

Who can claim SEISS

Claims for SEISS can be made by self-employed individuals or members of a partnership where the applicant:

  • traded as self-employed in the tax year 2018 to 2019 and submitted a self assessment tax return on or before 23 April 2020 for that year
  • traded in the tax year 2019 to 2020
  • intends to continue to trade in the tax year 2020 to 2021
  • carries on a trade which has been adversely affected by coronavirus

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