We have been advised by the ICAEW’s Tax Faculty that the eligibility criteria for the third Self-Employment Income Support Scheme (SEISS) Grant has been tightened Further. With the grant claim window opening from today (30th November) claimants will need to consider them carefully before making a claim.
Earlier government policy announcements indicated that to qualify for the third SEISS grant, the business needs to not only be adversely affected due to coronavirus but also to:
• be currently trading but be impacted by reduced demand due to coronavirus; or
have been trading but be temporarily unable to do so due to coronavirus.
There is now an additional test which states that the taxpayer must:
• intend to continue to trade; and
• reasonably believe there will be a significant reduction in their trading profits due to reduced activity, capacity or demand or inability to trade due to coronavirus.