Third SEISS grant: Government tightens eligibility criteria

November 25, 2020by Asma0

The government has tightened the eligibility criteria for the third SEISS grant – Self-employment Income Support Scheme.

Applicants for the grant will face a new test, warns the Institute of Chartered Accountants in England and Wales (ICAEW).

Applications for the third SEISS grant will open from 30 November 2020. Make your claim from the date we give you either by email, letter or within the service. Eligible businesses must make their claims for the third grant on or before 29 January 2021.

Who can claim the third SEISS grant?

The businesses must either:

  • be currently trading but are impacted by reduced demand due to coronavirus
  • have been trading but are temporarily unable to do so due to coronavirus

The latest guidance on claiming a grant and new guidance on how trading conditions affect eligibility include an additional test.

The claimants must also declare their intention to continue to trade. They also need to declare they reasonably believe there will be a significant reduction in trading profits due to reduced activity, capacity or demand or inability to trade due to COVID-19.

The businesses who were not eligible for the first and second grant, cannot claim for the third.

The ICAEW said:

‘For many taxpayers, for example, those that use a 31 March or 5 April accounting date, the significant reduction of trading profits will be expected to appear in the results they report on their 2020/21 tax return. However, some taxpayers, for example, those that use a 30 April accounting date, will not report the trading results for the relevant period until their 2021/22 tax return.’

Do you need any help or guidance regarding your tax matters? Please feel free to contact us for the best accountancy services in Leeds. Our initial consultation is always free. We provide you with professional accountants in Leeds.

Asma

Leave a Reply

Your email address will not be published. Required fields are marked *

CareAccountancyOffices
94 Street Lane, Leeds
9 Sheaf Lane, Coventry Road, Birmingham
OUR LOCATIONSWhere to find us
https://careaccountancy.co.uk/wp-content/uploads/2019/04/img-footer-map.png
GET IN TOUCHCare Accountancy Social Links
Taking seamless key performance indicators offline to maximise the long tail.
CareAccountancyOffices
94 Street Lane, Leeds
9 Sheaf Lane, Coventry Road, Birmingham
OUR LOCATIONSWhere to find us
https://careaccountancy.co.uk/wp-content/uploads/2019/04/img-footer-map.png
GET IN TOUCHCare Accountancy Social Links
Taking seamless key performance indicators offline to maximise the long tail.

Copyright by CareAccountancy. All rights reserved.

Copyright by CareAccountancy. All rights reserved.