The third self-employment income support scheme (SEISS) grant has opened for applications.
To qualify for the grant, applicants must either be currently trading and affected by reduced demand, or temporarily unable to trade as a result of the coronavirus pandemic, according to Government officials.
If an applicant is eligible, the third grant will offer a lump sum up to a maximum of £7,500 to cover 80% of their business’s average trading profits, covering the period between November 2020 and January 2021.
However, the Association of Independent Professionals and the Self-Employed (IPSE) has warned that the rules for claiming the third grant are “stricter” and “more complex” than before.
The new guidance now includes an additional test regarding eligibility, which requires the claimant to plan to continue trade and believe there will be a significant cutback in their profits due to the pandemic.
Andy Chamberlain, director of policy at IPSE, said:
“We have called for a more focused distribution of SEISS and understand the efforts to target the funds at those most badly affected, but we are concerned these new rules are confusing and risk creating a climate of fear around applying.
“These complex rules may deter many self-employed from claiming support they need – and leave those who do always looking over their shoulder for fear of HMRC demanding the money back.”
Speak to us about your SEISS grants.