SEISS deadline: HMRC issues urgent warning as claims must be completed ‘before midnight’

Martin Lewis provides last-minute advice on third SEISS grant

SEISS, the Self-Employment Income Support Scheme, was launched in 2020 by Rishi Sunak as the Chancellor took action to support the self-employed as coronavirus continued to be a problem. Since originally launched, the scheme has been extended a number of times and as it stands, third and fourth sets of grants can be applied for through to the middle of 2021.

While it has not yet been revealed when the fourth sets of grants will become available for applications, third grants must be applied for by tonight, as HMRC detailed today through their official twitter account: “IMPORTANT! It’s your last day to apply for the third grant under the Self-Employment Income Support Scheme.

“Check if you’re eligible, then claim before midnight.”

In order to be eligible for the third grant, claimants must be a self-employed individual or a member of a partnership.

People will not be eligible if they trade through a limited company or trust.

Additionally, claimants must have traded in the 2018 to 2019 tax year and submitted their Self Assessment tax return on or before April 23, 2020 for that year.

We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.

On top of this, trading must have continued into 2019 and 2020.

Currently, claimants must either be trading but have been impacted by reduced demand or have been rendered temporarily unable to do so due to the pandemic.

When claiming, applicants must declare that they intend to continue to trade and they reasonably believe their profits will face a significant reduction going forward.

SEISS eligibility has proven to be a controversial issue for the Government, with it emerging that millions of self-employed workers are ineligible for support due to technicalities in the rules.

Grandparents may be able to get up to £2,340 extra state pension [INSIGHT]
Furlough extension: Scheme will ‘almost certainly’ be extended [ANALYSIS]
Martin Lewis clarifies ‘mystifying’ payment holiday rules [EXPERT]

As a result of this, a “Targeted Income Grant Scheme” (TIGS) has been proposed and presented to the state, which aims to provide support to workers who have been excluded from SEISS.

Rishi Sunak recently confirmed the treasury is considering the scheme and Liron Smadja, a Director at Fiverr, commented on the current state of affairs: “The Government’s extension of the SEISS is encouraging for Britain’s army of self-employed entrepreneurs – but there are some serious issues in the way it’s been targeted.

“The continual mounting issue of SEISS eligibility has left thousands of self-employed workers unable to access Government support – and with the deadline for the third set of payments rapidly approaching, it’s crucial that this issue is addressed.

“The fourth grant should be an opportunity for the Chancellor to solve this crisis and acknowledge that serious consideration needs to be given to this crucial sector of the economy.

“But we suggest taking this a step further.

“Freelancers have been economically suffering as a result of the pandemic.

“Yet, they have not been granted the same support that many others have and due to gaps in current support schemes in place for the self-employed, many freelancers remain unrecognised and ineligible.

“A much more targeted approach is needed to address the gaping holes in the support for self-employed workers.

“We, therefore, encourage the Government to progress with the proposed ‘Targeted Income Grant Scheme’ to support those who have been self-employed since April 2019.”

Thus far, the Government has remained tight lipped on what may or may not be coming down the line.

They’ve repeatedly detailed no announcements will be made before the budget.

Rishi Sunak’s next budget will be delivered on March 3 and it was confirmed it will be setting out: “the next phase of the plan to tackle the virus and protect jobs and will be published alongside the latest forecasts from the Office for Budget Responsibility (OBR).”

Do you have a money dilemma which you’d like a financial expert’s opinion on? If you would like to ask one of our finance experts a question, please email your query to [email protected] 

Source: Read Full Article