How an Accountant in Banstead Can Help Understand the New COVID-19 SEISS Scheme

by | Dec 18, 2020 | Accountant

If you’re a self-employed Briton, you may already have made use of the British Government’s SEISS scheme. The plan was introduced to support the self-employed and freelancers in the UK, and the Government has recently announced a third iteration of the program. If you plan to avail yourself of the SEISS scheme for the third time, it’s important that you understand the new criteria for eligibility. You must now demonstrate a continued intention to trade and that your operations have been impacted by COVID-19. An accountant in Banstead or nearby can help you interpret the scheme and put together a claim.

Any self-employed person intending to submit a claim under the SEISS must now self-assess their ability to trade under further COVID-19 restrictions, as well as reasonably believe that future profits are substantially impacted by these restrictions. If you are unsure of how to complete the assessment or file a claim, consider working with an accountant in Banstead or nearby. A professional accountant should have adapted their services to reflect the needs of the market under the COVID-19 pandemic and be prepared to help you prepare and submit a claim for a SEISS grant.

The SEISS has tax implications, too. You must reflect the changes in your profits on your tax return for the current tax year. If you would like support with any aspect of the SEISS plan or your taxes, consider contacting David Beckman & Co. Ltd. The firm has an experienced team of accountants working in different areas of British tax and finance law. Also, the company has helped other freelancers prepare and submit claims under the SEISS, as well as having a deep understanding of the scheme and what the Tax Office expects of claimants. Crafting a strong claim is crucial if you want the support offered by the SEISS during this challenging time.

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