The government will be opening the third round of the Self-Employment Income Support Scheme (SEISS) on Monday 30 November 2020. Please be aware however that HMRC won’t be issuing grants to workers who haven’t confirmed they’re still trading.
Approximately 24,000 self-employed workers who have already claimed the SEISS received an email from HMRC in October asking if they’re still trading. The correspondence was only sent to those The Revenue believes have ceased trading, based on information it holds.
This could include a cessation date for the business reported on the 2019/20 tax return, an application to deregister for VAT or information from another source.
Cancelling a VAT registration does not mean the business has ceased trading. Many businesses will have experienced a reduction in trade during the pandemic that could take their expected sales for the next 12 months below the deregistration threshold of £83,000.
Please bear in mind that because your accountant cannot apply for the grant on your behalf, they won’t have received any notifications from HMRC regarding this matter. It’s a good idea to check your junk and spam folder to double check you haven’t received the email.
What do I do if I received an email?
In order to be eligible for the next round of the SEISS grant, it’s very important that you reply to HMRC by close of business on 20 November 2020. If you don’t, you won’t be able to apply for further SEISS grants.
If you have stopped trading and have permanently closed the business, you can complete an online form.
Please head to our story to find out everything you need to know about the upcoming SEISS grant. If you have any additional questions, please don’t hesitate to get in touch with PKB and we’ll be happy to help.
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