Martin Lewis discusses eligibility for third SEISS grant
Martin Lewis has advised savers and consumers for months now on every element of Rishi Sunak’s coronavirus support measures. This includes SEISS which in recent months has seen alterations to its rules, which the Money Saving Expert has consistently warned about.
The third set of grants from SEISS must be claimed for by January 29 and they will be capped at £7,500 in total.
Martin explained eligibility has largely remained unchanged, with those earning profits over £50,000, who haven’t done a 2019/19 tax return, who are new starters or have 50 percent of their income not come from self-employment not qualifying.
However, Martin went on to explain a key rule for claims which has recently been updated: “Here’s what’s crucial.
“What’s really important to understand is that when you apply for this you need to make a declaration that you have a reasonable belief that you will have a significant trading profit reduction due to Covid.
We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.
“Now when this was first launched, many people said ‘but I’m not sure now’ so I said wait. “Well we’re getting near the end date and there’s a lockdown, I’m sure you now know if you’re likely to have a significant drop in your profits, in which case, if you are, make the application.
“But that reduction in profits has to be for one of two reasons.
“First, lower demand activity or capacity, what does that mean?
“Well fewer customers, cancelled contracts or supply chain issues.”
Universal Credit warning: Payments may be reduced by SEISS grants [WARNING]
Furlough & seiss claimants ‘left in the cold’ as workers struggle [INSIGHT]
Martin Lewis lashes out at Rishi Sunak using HMRCs own data [EXPERT]
Martin concluded by covering how recent lockdown changes could make people eligible: “Or you’ve been told to shield or self-isolate (not if returning from holiday) or because you’re caring for your kids because they’re being home-schooled.
“If that causes your profits to drop significantly during this period, then that is a reason in itself, you can apply for the third grant.”
While there is still around three weeks before the application deadline is reached HMRC warn they are receiving very high numbers of calls.
As such, starting an application early could be worthwhile if a problem arises and a claimant needs to contact HMRC for assistance.
To make a claim for a SEISS grant, claimants will need their:
- Self Assessment Unique Taxpayer Reference (UTR)
- National Insurance number
- Government Gateway user ID and password
- UK bank details including account number, sort code, name on the account and address linked to the account
When a claim is put through, HMRC will work out what can be awarded and will pay the grant within six working days.
Claims can be made online but they must be made by the affected recipient themselves, they cannot be delegated to tax agents or advisors.
Beyond this month, fourth grants will be awarded for the period covering February to April 2021.
Further details on these grants will be laid out in “due course.”
Source: Read Full Article