The Prime Minister confirmed in the House of Commons that the SEISS will now be calculated on 80% of average trading profits, rather than 40% for the month of November. Therefore, the increased calculation will mean that Grant 3 will be calculated cumulatively on 55% of trading profits for the months of November, December and January. This means that the maximum funds available for Grant 3 period will rise to £5,160.00. There is an indication that the government will apply the 80% of average trading profits for December and January as well but we await an announcement on that.
Who will be eligible?
In order to be eligible, the self-employed / members of partnerships must have been previously eligible for SEISS during the first and second Grants (even if they did not take up their claims).
They must also declare that they intend to continue to trade and either are currently actively trading but that their trade has been impacted by reduced demand due to the Coronavirus, or had been trading but are temporarily unable to do so due to coronavirus.
This is broadly equivalent to support that employees are being offered through the Coronavirus Job Retention Scheme during the month of November as a result of the new restrictions being introduced.
The Government have also indicated that they will make payments quickly with the claims window being brought forward from 14th December to 30th November.
If you have any questions or concerns then, please do not hesitate to get in touch with me via email@example.com or you can call 0161 832 3304.