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November 25. 2020

How your trading conditions affect your eligibility for the SEISS

Applications are now live for the third SEISS grant and if you are going to apply you must do so by the 29th January 2021. HMRC have stated you must make an honest assessment of your business and you must be able to show you have experienced a significant reduction in profits. You must also meet all other eligibility criteria to make a claim.

We strongly recommend you refer to the examples provided by HMRC, their guidance can be accessed here, it is helpful for understanding what they mean by reduced demand or temporary closure. Here are a few examples;

Unable to trade and reasonable belief

A hairdresser has had to shut his shop due to government restrictions. He will not have any income due to the closure and reasonably believes the reduction in his trading profits will be significant. He is eligible to claim the third grant.

Reduced demand and no reasonable belief 

A café owner has fewer customers due to government restrictions on households mixing, which initially reduces her takings. She increases her prices and believes her trading profits will not reduce significantly, so she is not eligible to claim the third grant.

Unable to trade and no reasonable belief 

A builder has developed coronavirus symptoms and self isolates for 5 days before receiving a negative test result. During those 5 days he was unable to work from home but was able to rearrange his contracts. He does not believe there will be a significant reduction in his trading profits. He is not eligible to claim the third grant.

As expected HMRC are receiving high levels of contact, click here for the different ways to reach out to HMRC, if you need to. 



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