The MoneySavingExpert states that there are stricter criteria for round 3 of the self-employed income support system
The government helped many self-employed stay afloat during the pandemic and after the UK’s second lockdown it was forced to extend payments through 2021.
The latest round of the Government’s Self-Employment Income Support Program (SEISS) will air on Monday, June 30th. November, open for requests.
However, Martin Lewis cautioned applicants should be aware as the criteria for the third round are stricter this time.
This is the third of a total of four SEISS grants that have helped many self-employed people survive the pandemic.
The system provides taxable grants for eligible self-employed whose business has been affected by Covid-19.
Rishi Sunak wanted to run out of support towards the end of winter, but with a second lockdown, the government was forced to extend payments until 2021.
The following is what Martin Lewis should know before applying for the third round of the support program.
The new grant is valid for the period from 1. November to 31. January. The amount you claimed has increased to 80% of the average monthly trading profit in three months and is now 7. 500 GBP cap.
In order to apply, you must have submitted a tax return for 2018/19. Your average trading profit cannot exceed 50. £ 000 / year and at least half of your income must be self-employed.
You can be eligible for the third grant if you are eligible, even if you weren’t eligible for the first or second claim.
HM Revenue & Customs will write to all potential beneficiaries by Monday. From the 30th. November assert claims via the state claims portal.
Compared to the previous two grants, the application criteria are stricter this time, while those excluded from the first two grants are still excluded.
Martin explains that it’s no longer just about « being adversely affected » – now expect a « significant profit reduction ». .
You may have seen a significant drop in profits, either due to « reduced demand, activity or capacity » or because you are temporarily unable to trade.
This is in contrast to the first and second grant’s most generous claim to have been « adversely affected ». . This means you can’t argue this time around if the only impact is increased costs for your business, such as buying face masks and cleansers.
There are still a variety of scenarios that you could potentially file a claim in, such as:. B.. when you are instructed to self-isolate and it reduces profits significantly.
Finally, the expert emphasizes that the timing of the SEISS application is important for those applying for universal loans. It may be best to delay applying for SEISS as the money you will receive from the grant will be classified as income, which could potentially decrease your universal loan payments.
Grant, Self Employment, HM Revenue and Customs, Employment
World News – UK – Martin Lewis explains how to avoid pitfalls in new self-employment grants
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