SEISS grants have provided financial aid to millions of self-employed individuals who have had their profits deteriorate as a result of the ongoing Covid pandemic.
Introduced by Chancellor of the Exchequer Rishi Sunak, the SEISS grant scheme has been in place since the first lockdown, allowing people who can’t trade to claim money from the Government.
The online service to apply for the third SEISS grant closes to applications this Friday – January 29, 2021.
The third grant, covering November 2020 to January 2021 is calculated at 80 percent of average trading profits, up to a maximum of £7,500 and is consistent and in line with the rules for the first and second grants.
SEISS extended to a fourth grant
Earlier this month, the Treasury announced SEISS would continue until April 2021 as the country grapples with new variants and a mass vaccination programme, meaning things will not be able to get back to normal as soon as previously hoped.
The fourth grant will cover the three-month period from February 1 2021 to April 30 2021. Further details of the amount payable and any specific changes to the general principles for a claim will be announced in due course.
All of the grants are classed as taxable income and are subject to National Insurance contributions.
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