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Applications are open for the third self-employment income support scheme (SEISS) grant. The rules on businesses eligible to claim have been tightened. As well as meeting the criteria for the previous grants HMRC states claimants:
- must either be currently trading but are impacted by reduced business activity capacity or demand or have been previously trading but are temporarily unable to do so due to coronavirus;
- must declare that they intend to continue to trade or restart trading and that they reasonably believe that the impact on their business will cause a significant reduction in their trading profit; and
- claim only if the reduction in profits is caused by reduced business activity capacity or demand or inability to trade due to coronavirus.
As before the third grant will be subject to income tax and National Insurance and must also be reported on 2020-21 self-assessment...
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