From our previous articles where we advised you about the SEISS grant, the deadline is this Friday.

The rules on who is eligible to claim are different to those for the previous SEISS grants.

‍The third grant will be based on 80% of three months’ average trading profits, paid out in a single taxable instalment capped at £7,500, and will cover the period from 1st November to 29th‌‌ Jan‌‌uary 20‌‌21. For this third SEISS grant you must also now: 

• 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.  
• declare that you intend to continue to trade, or restart trading, and that you reasonably believe that the impact on your business will cause a significant reduction in trading profits.
• only claim if the reduction in profits is caused by reduced business activity, capacity or demand, or inability to trade due to coronavirus – reduction in profits due to     increased costs (such as having to buy masks) does not make a business eligible for the third SEISS grant.  

When deciding whether the reduction is significant, you will need to consider your wider business circumstances.  

HMRC expect you to make an honest assessment about whether you reasonably believe your trading profits will be significantly reduced compared to what you would otherwise expect to achieve during this period.

Your business must have been impacted on or after 1st November 2020. You must keep evidence that shows how your business has been impacted by coronavirus, resulting in reduced activity, capacity or demand, or a temporary inability to trade.

To check your eligibility and make a claim click here.