SEISS 3 claims are now open

30 November 2020: Claims for the third SEISS grant are now open. ICAEW’s Tax Faculty has pre-recorded a webinar which highlights what has changed for the third grant.

From 30 November 2020, taxpayers can apply for the third Self-employment Income Support Scheme (SEISS) grant. The portal opens in phases over the week.

The Tax Faculty has previously highlighted that the conditions for the third grant are tighter and require more judgment. Further guidance is available in a new pre-recorded webinar from the Tax Faculty, available free to all ICAEW members.

The third grant is calculated as 80% of the average of three months of trading profits, up to a maximum of £7,500. Subject to eligibility, the third grant can be claimed even if previous grants were not.

The conditions for, and the amount of, the fourth grant have not yet been announced. The fourth grant will not be available until after the filing deadline for 2019/20 self assessment tax returns, which opens up the possibility that the fourth grant may be available to those that started to trade in 2019/20 and the calculations may include income reported for that year.

The government has yet to announce a decision, but to avoid the risk of not qualifying for the fourth grant because the return has not been filed, it is important to ensure 2019/20 tax returns are filed by 31 January 2021.

Further resources:

• ICAEW SEISS guidance
• New ICAEW SEISS webinar