IMPORTANT NOTE re blogs on COVID-19

PLEASE NOTE THAT THE INFORMATION ON THIS PAGE MAY NO LONGER BE CURRENT. During the coronavirus pandemic, important news and announcements were being made daily. Official advice could change from one day to the next. We are doing our best to keep our COVID-19 information up to date on these two pages - but we recommend you check any information with official government, NHS or other responsible sources before acting on it.

COVID-19 advice and updates for SMEs and the self-employed

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COVID-19 personal finances advice and updates

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Applications for the SEISS 3rd grant open today (3oth November 2020). This latest round of the Self-Employed Income Support Scheme covers the period from November 2020 to January 2021 inclusive. If you are eligible, you will receive 80% of your average monthly trading profits for the three-month period. The grant is capped at a maximum of £7,500.

However, before you claim, you need to know that the eligibility criteria for the SEISS 3rd grant are much stricter. Please do familiarise yourself with the new criteria before claiming – or you may have to pay the grant back.

SEISS 3rd grant eligibility criteria

To apply for the SEISS 3rd grant, you must have been eligible for the first two rounds of the scheme. You must have traded during the tax years 2018/19 and 2019/20 and you must either:

  1. Be trading now, but be impacted by reduced demand due to coronavirus
  2. Have been trading, but are temporarily unable to do so because of COVID-19

In addition, you must intend to continue trading.

Importantly, for this SEISS claim:

You must reasonably believe that you will suffer a significant reduction in trading profits due to reduced business activity, capacity or demand or inability to trade due to coronavirus during the period 1 November 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.

The key element here is ‘significant reduction’ of your trading profits. If, for example, your profits have dipped solely because you’ve had to buy PPE, that is not deemed  a significant reduction. Likewise, if you go on holiday and have to self-isolate, you can’t claim if this is the only circumstance making a negative impact on your business.

HMRC has published detailed guidance on how your trading conditions affect your eligibility for SEISS. We recommend reading them before making an application for the 3rd grant. Alternatively, if you’re a THP client, speak to your account manager if you’d like advice on whether you can claim.

How do I claim?

You can claim the SEISS 3rd grant via the government’s online portal at any time between now and 29 January. You will need your Unique Taxpayer Reference number, your National Insurance number, your Government Gateway ID and password, plus your bank details.

If you do claim, it’s essential that you keep evidence that you have reason to believe that your trading profits will be significantly reduced – you’ll need it in case HMRC decides to check your claim at a later date.

Need further advice on any of the topics being discussed? Get in touch and see how we can help.

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About Jon Pryse-Jones

Since joining THP in 1978, Jon Pryse-Jones has been hands on with every area of the business. Now specialising in strategy, business planning, and marketing, Jon remains at the forefront of the growth and development at THP.

An ideas man, Jon enjoys getting the most out of all situations, “I act as a catalyst for creative people and encourage them to think outside the box,” he says, “and I’m not afraid of being confrontational. It often leads to a better result for THP and its clients.”

Jon’s appreciation for THP extends to his fellow team members and the board.  “They really know how to run a successful business,” he says.  He’s keen on IT and systems development as critical to success, and he continues to guide THP to be at the cutting edge and effective.

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