Filing your taxes early may help you secure the third SEISS grant, according to a report by Which?
The UK’s third self-employed grant to cover eligible businesses between February 2021 to April 2021 must be claimed on or before the deadline of 29 January 2021.
The Freelance Informer has outlined how to apply in this article. The HMRC has said a fourth grant will also become available but will provide details in due course.
The third grant comes with some additional eligibility criteria, which entails that applicants must have had a new or continuing impact from coronavirus from 1 November to the end of January which you believe will cause a significant reduction in trading profits over this period.
Applications opened on 30 November, and are due to close on 29 January 2021 – two days before the self-assessment tax return deadline.
“While the government hasn’t mentioned any interaction between 2019-20 tax returns and the third SEISS grant, some tax experts have suggested it may be worth filing your tax return early to provide evidence of any claims you make regarding the impact coronavirus is having on your trading profits,” said the Which? report.