If you’re self-employed, the latest Self Employed Income Support Scheme (SEISS) grant application has been announced. With new eligibility criteria, find out the latest here
As many of you may be aware, the third grant for the SEISS is open for applications.
This time though, there is a really important change that has happened to this grant that you should be aware of.
In the previous two grants, the grants have been claimed if you can show your business has been ‘adversely’ affected by COVID-19. The word ‘adversely’ and terminology was quite loose and open to interpretation. For the third grant, the terminology and criteria has changed. This time you need to prove that profits have been ‘significantly’ reduced.
How do we figure that out?
The best thing is to look at where your profits were last year compared to this year. If they have reduced significantly (significantly is open to interpretation and HMRC are asking you to use your judgement), if you can prove that, you are able to submit a claim.
The grant is open to begin your claim from 30th November to 29th January so there is plenty of time to apply. This means you can sit for the next few weeks and see how business looks for you, profit-wise.
Martin Lewis’s website has a lot of examples they have put together after speaking to HMRC that would be relevant for ‘significant’ reduction in profits and what wouldn’t be allowed. Check out their examples here.
Alternatively, you can get in touch with us and we can chat with you about it. We have free 20 minute consultations available on Friday mornings. To secure a free consultation appointment, email info@insightfinancesolutions.com
Watch the video in full here: