{"id":1901,"date":"2021-01-28T10:22:43","date_gmt":"2021-01-28T10:22:43","guid":{"rendered":"https:\/\/srcadvisory.com\/?p=1901"},"modified":"2021-01-28T10:22:45","modified_gmt":"2021-01-28T10:22:45","slug":"seiss-third-grant-deadline-nears","status":"publish","type":"post","link":"https:\/\/srcadvisory.com\/seiss-third-grant-deadline-nears\/","title":{"rendered":"SEISS THIRD GRANT DEADLINE NEARS"},"content":{"rendered":"\n<p>The deadline for the third Self-Employment&nbsp;Income Support Scheme (SEISS)&nbsp;will soon approach&nbsp;&nbsp;<\/p>\n\n\n\n<p>As with the first and second SEISS grants, the third grant will be subject to Income Tax and&nbsp;self-employed National Insurance and must also be reported on your 2020-21&nbsp;Self-Assessment&nbsp;tax returns (to be submitted by 31&nbsp;January 2022).&nbsp;<\/p>\n\n\n\n<p><strong>The basic conditions<\/strong>&nbsp;<\/p>\n\n\n\n<p>To make a claim for the third grant&nbsp;your&nbsp;business must have had a new or continuing impact from coronavirus between 1 November 2020 and 29 January 2021.&nbsp;<\/p>\n\n\n\n<p>The third taxable grant is worth 80% of&nbsp;your&nbsp;average monthly trading profits, paid out in a single instalment covering three months\u2019 worth of profits, and capped at \u00a37,500 in total.&nbsp;<\/p>\n\n\n\n<p>Applications&nbsp;opened on&nbsp;30 November and claims must be made by 29 January 2021.&nbsp;<\/p>\n\n\n\n<p>To qualify, applicants must have traded in both tax years 2018\/19, and submitted a self-assessment tax return on or before 23 April 2020 for that year, and 2019\/20.&nbsp;<\/p>\n\n\n\n<p><strong>Current UK G<\/strong><strong>overnment guidance<\/strong>&nbsp;<\/p>\n\n\n\n<p>Earlier government policy announcements indicated that to qualify for the third grant, the business needs to not only be adversely affected due to coronavirus but also to:&nbsp;<\/p>\n\n\n\n<ul><li>be currently trading but be impacted by reduced demand due to coronavirus; or&nbsp;<\/li><li>have been trading but be temporarily unable to do so due to coronavirus.\u202f&nbsp;<\/li><\/ul>\n\n\n\n<p>In&nbsp;addition&nbsp;the taxpayer must:&nbsp;<\/p>\n\n\n\n<ul><li>intend to continue to trade; and&nbsp;<\/li><li>reasonably believe there will be a significant reduction in their trading profits due to reduced activity, capacity or demand or inability to trade due to coronavirus.&nbsp;<\/li><\/ul>\n\n\n\n<p>It is our understanding that the significant reduction in trading profits test is to be applied to the accounting&nbsp;period as a whole.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>The third SEISS grant and working parents<\/strong>&nbsp;<\/p>\n\n\n\n<p>If&nbsp;you&nbsp;were\/are&nbsp;unable to work because&nbsp;you&nbsp;had\/have additional caring responsibilities due to school closures, and&nbsp;you&nbsp;meet all other conditions,&nbsp;you&nbsp;are eligible to claim, provided&nbsp;you&nbsp;reasonably believe that the impact of taking this time off will significantly reduce&nbsp;your&nbsp;trading profits for the year that&nbsp;you&nbsp;report them in.\u202f&nbsp;<\/p>\n\n\n\n<p><strong>Other types of work and the third SEISS grant&nbsp;<\/strong>&nbsp;<\/p>\n\n\n\n<p>If you receive the grant&nbsp;you&nbsp;can:&nbsp;<\/p>\n\n\n\n<ol><li>Continue to work.&nbsp;<\/li><\/ol>\n\n\n\n<ol start=\"2\"><li>Start a new trade or take on other work including voluntary work and duties as a military reservist.&nbsp;<\/li><\/ol>\n\n\n\n<p>SRC-Time are one of the South East\u2019s leading accountancy firms in advising the self-employed and partnerships in all aspects of their tax affairs and we&nbsp;are able to&nbsp;assist in any issue raised above.&nbsp;<\/p>\n\n\n\n<p>Our expert team is available to provide you with advice and can be contacted on 01273 326 556 or you can drop us an email at info@src-time.co.uk or speak with an account manager to get any process started.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The deadline for the third Self-Employment&nbsp;Income Support Scheme (SEISS)&nbsp;will soon approach&nbsp;&nbsp; As with the first and second SEISS grants, the third grant will be subject to Income Tax and&nbsp;self-employed National Insurance and must also be reported on your 2020-21&nbsp;Self-Assessment&nbsp;tax returns (to be submitted by 31&nbsp;January 2022).&nbsp; The basic conditions&nbsp; To make a claim for the [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":1737,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14],"tags":[57],"acf":[],"_links":{"self":[{"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/posts\/1901"}],"collection":[{"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/comments?post=1901"}],"version-history":[{"count":0,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/posts\/1901\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/media\/1737"}],"wp:attachment":[{"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/media?parent=1901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/categories?post=1901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/tags?post=1901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}