The deadline for claiming the third SEISS grant is fast approaching. If you are eligible, you must make your claim on or before 29 January 2021.
As with the first and second SEISS grants, the third grant will be subject to Income Tax and self-employed National Insurance and must also be reported on your 2020-21 Self Assessment tax returns (to be submitted by 31 January 2022).
Confirming a significant reduction in trading profits
Before you make a claim for the third grant, you must decide if the impact on your business will cause a significant reduction in your trading profits for the tax year you report them in.
HMRC cannot make this decision on your behalf because your individual and wider business circumstances will need to be considered when deciding whether the reduction is significant.
You do not have to consider any other coronavirus scheme support payments you have already received when deciding whether you reasonably believe that you will suffer a significant reduction in trading profits due to reduced activity, capacity, demand or inability to trade due to coronavirus during 1 November 2020 to 29 January 2021 (period covered by the third grant).