The deadline for claiming the third instalment of the Self-Employment Income Support Scheme (SEISS) is rapidly approaching.

If you’re self-employed and have been negatively affected by coronavirus, you have until 29 January 2021 to make your claim.

You can find out if you’re eligible for the Self-Employment Income Support Scheme on the gov.uk website. You can also make your claim on the government’s website.

If you’ve been forced to seek other forms of work outside of self-employment, you can still make a claim. You must however declare that you intend to continue trading through the business you’re making the claim. If you’re planning to cease trading before the end of the next tax year, you cannot claim the SEISS.

As with the first and second grants, any government funding you receive through the scheme will be subject to Income Tax and National Insurance. Please don’t forget to include the total amount you receive on your 2020-21 tax return.

Details about the fourth SEISS grant will be announced on 3 March 2021.

The government is offering many different funding options if your business is struggling during the pandemic. You can find out all the help and support you’re entitled to on the gov.uk website. Alternatively, please don’t hesitate to get in touch with PKB and we can go through all the different options with you.

 

To read news and blogs from Rebecca Austin, click here >>

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