Self-Employment Income Support Scheme

6th January 2021

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

News Archive

Call Us: 01983 618888
Office Address
The Grain Store,
Cheeks Farm, Merstone Lane
Merstone, Isle of Wight. PO30 3DE
Registered Company 7798706 in England and Wales

Book an Appointment

We would like to use your information to send you emails regarding products or services you may be interested in. If you are happy for us to do so please tick the box below. For further details on how we store and manage your data please view our privacy policy. If you are not happy for us to do so, we will only use your information in relation to this enquiry.

Although we would like to be available to assist 24/7 the following times provide guidelines when qualified advisers are available to meet with you:

Monday – Friday 0800-2000