Self-Employed Income Support Scheme deadline looming

The 2019/20 tax return filing due date on 31 January 2021 is not the only deadline of which self-employed individuals need to be aware this month.

Eligible individuals have until 29 January 2021 to apply for the third taxable grant under the Self Employment Income Support Scheme (SEISS). The grant is worth up to 80% of 3 months’ worth of average profits and is capped at £7,500.

Those potentially eligible for the grant should already have been contacted by HMRC.

In order to claim, you must reasonably believe that you will suffer a significant reduction in trading profits due to reduced business activity, capacity, demand or inability to trade due to coronavirus during 1 November 2020 to 29 January 2021. You must keep evidence that shows how your business has been impacted by coronavirus resulting in less business activity than otherwise expected.

As for the first two grants, the mechanism for claiming is via gov.uk Claim a grant through the Self-Employment Income Support Scheme – GOV.UK (www.gov.uk)

If you have a question about SEISS, please contact Iain Paulin or download our free SEISS briefing.