Self-Employment Income Support Scheme

HMRC is advising the self employed that the Self-Employment Income Support Scheme (SEISS) has been extended.

HMRC is advising the self employed that the Self-Employment Income Support Scheme (SEISS) has been extended. Taxpayers who were not eligible for the first and second grant will not be eligible for the third.

To make a claim for the third grant the taxpayer's business must have had a new or continuing impact from coronavirus between 1 November 2020 and 29 January 2021, which they reasonably believe will have a significant reduction in their profits.

The third taxable grant is worth 80% of a taxpayer's average monthly trading profits, paid out in a single instalment covering three months' worth of profits, and capped at £7,500 in total.

The online service to claim the third grant is open. Taxpayers should make their claim from the date HMRC give taxpayers either by email, letter or within the service. Eligible taxpayers must claim the third grant on or before 29 January 2021.

The grant does not need to be repaid, but will be subject to Income Tax and self-employed National Insurance and must be reported on the taxpayer's 2020 to 2021 Self Assessment tax return. Taxpayers must keep evidence to support their claim.

Internet link: GOV.UK guidance

xero quickbooks.png ICAS Logo sage.png

Alexander Marshall is a trading name of Opulus Financial Ltd

C/O Macdonald Henderson, 4th Floor Standard Buildings, 94 Hope Street, Glasgow, G2 6PH

Registered in Scotland: SC676887

A list of directors’ names is available at the registered office

© 2024 Alexander Marshall. All rights reserved.

We use cookies on this website, you can find more information about cookies here.