Are you aware that the deadline for claiming the 4th Self Employed Income Support Scheme (SEISS) grant is rapidly approaching? It would be best to have a tax accountant Tadworth to assist you in navigating SEISS details. The deadline is midnight on 31st May 2021. Please bear in mind that the qualifying information has changed significantly from the first three SEISS grants, and some of these changes are major. The main points are:
1. The SEISS grant covers the three months from 1st Feb 2021 to 30th Apr 2021.
2. Your claim amount is calculated based on taking 80% of a three months’ trading average.
3. The deadline for applying is 31st May 2021.
You must meet six crucial qualifying criteria to obtain the SEISS grant. These criteria are:
1. You must have submitted the 2019/20 Self-Assessment Tax Return before 3rd Mar 2021.
2. You actively traded during the tax years 2019/20 AND 2020/21.
3. You are presently trading, but your business has been affected by reduced demand or would have been trading, but you have been unable to do so due to Covid19.
4. You have the intention of continued trading.
5. Your self-employed trading profits must total less than £50,000, and more than half of your income must accrue from self-employment.
6. You believe there will be a significant reduction in trading profit due to Covid19 in the three months from 1st Feb to 30th Apr 2021.
It is essential that you keep detailed records outlining the impacts of COVID19 on your business. If you do not have evidence that your company was negatively affected by COVID19, HMRC could make you repay 100% of the SEISS grant. You should partner with a trusted chartered tax accountant to ensure you have the necessary evidence to prevent this significant penalty. Please contact David Beckman & Co. LTD and schedule an appointment. They are ready to help you with the SEISS grant application process.
