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SEISS: Last Chance To Make A Claim

The deadline is the 19th October ...

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POSTED BY ROGER EDDOWES ON 21/09/2020 @ 8:00AM

If you haven't already made a claim under the Self-Employed Income Support Scheme then the deadline is fast approaching. It will soon be your last chance to make an SEISS claim, so are you going to claim, or are you unsure?

The deadline for the second SEISS grant is fast approaching! Have you claimed yet?

The deadline for the second SEISS grant is fast approaching! Have you claimed yet?

copyright: mehaniq / 123rf

Self-employed individuals who have been impacted by the Coronavirus pandemic can claim the second grant via SEISS up until the 19th October 2020. Your accountant is not able to do this for you, it must be done by the tax payer directly.

"To qualify for the grant, you must have been impacted by the Coronavirus pandemic!"

This means that you must be able to prove you have lost income from it. Once you've made your claim, HMRC will look into your records and make a final decision on your eligibility. They may phone you if they are unsure.

One or more of the following make you eligible:

  • Lockdown regulations mean you could no longer conduct your business and had to close

  • You were unable to make your business or workplace safe for staff or customers

  • Social distancing mean you can no longer server customers

  • Restrictions on movement affected you, your customers or staff

  • Your supply chain was interrupted due to shortages of products

  • One or more contacts was cancelled

  • Your customer base has been reduced or completely cancelled

Claiming the second grant is not dependant on whether you claimed the first or not. You may have been trading at normal levels back in May and the reduction in your income may have happened later on.

To make a claim under the second SEISS grant, you must:

  • Have submitted your Income Tax Self Assessment tax return for the tax year 2018-19 on or by 23 April 2020

  • Have traded in the tax year 2019-20

  • Are trading when you apply or would be except for COVID-19

  • Intend to continue to trade in the tax year 2020-21

  • Have lost trading/partnership trading profits due to COVID-19. You should keep records to support this

  • Your average self-employed trading profits are between £0 - £50,000

To make your claim, you should first use the SEISS Eligibility Tool which you can find on the HMRC website.

You will need your Universal Tax Reference (UTR) and NI Number to then make a claim via the Government Gateway. It's an easy process to setup an account, but most self-employed people should already have one.

"You have until the 19th October to make your claim!"

The SEISS is a series of grants made by the Treasury to an individual tax payer to support their business during the Coronavirus pandemic. However, these grants are subject to Income Tax and National Insurance contributions so add this money into your tax calculations when you submit your next return.

Until next time ...

ROGER EDDOWES
Business Godparent

Would you like to know more?

If anything I've written in this blog post resonates with you and you'd like to discover more about SEISS and how to make a claim, call me on 01908 774320, leave a comment below or click here to ping over an email and let's see how I can help.

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About Roger Eddowes ...

 

Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.

Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.