Martin Lewis urges Britons to act ahead of SEISS deadline – up to £14,000 available

October 16, 2020
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Martin highlighted the issue in his MoneySavingExpert newsletter to urge Britons to take action.

He wrote: “HM Revenue and Customs should have contacted those who are eligible, but many may be put off applying, as you need to declare an adverse impact due to COVID-19 since July 14.

“Yet do not panic, as that could just be a reduction in trade, staff illness or extra PPE costs.”

He added that people should not just assume they do not qualify, and take extra steps to check.

To claim the SEISS grant, a person must meet a specific set of criteria.

They must have traded in the 2019/20 tax year, and intend to continue to trade throughout the 2020/21 tax year.

A person is also required to have submitted their self-assessment tax return either on or before April 23, 2020 for that year. 

And finally, as Martin mentioned, trading profits must be no more than £50,000 and at least equal to a person’s non-trading income.

Martin also highlighted that there are more SEISS grants which are due to come in the future.

The grants are set to cover the months from November to April, providing additional support into 2021.

The government has outlined a third and fourth grant to arrive in the coming months, although full details on the final grant have not yet been released.

The third grant will be significantly less than SEISS, Martin explained, at just 20 percent of profits.

For this reason, then, taking action before next week’s deadline is key to receive as much financial support as possible. 

Britons can expect the details and amount the grant will offer to be revealed by the Treasury in the coming months. 

Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip



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