Self-employment grant 4 announcement won't happen till March

strandedwonderer

yes before the pandemic hit,, the widgets was a normal price and had been for the past nine years....i took a widget related loan to buy those widgets before the pandemic,,,, and repayed that loan as it would of been very silly not to..... right,.... paid that loan off before i even knew there was help from the goverment coming into play!!!! little money left over,,,, purchased new stock with left over widget money and grant money.....else,,,,,, no income would of happened!

Grumpy_chap

So, you don't need a grant (like SEISS).
You need cash-flow finance.  Speak to your Accountant or your bank about sources of finance to secure stock and working equity.
BBLS would not be suitable as you are unable to truthfully declare that the business has been adversely affected by COVID.
It really does seem as though you have boomed because of COVID, so declaring "adversely affected" or "reduction in profits" because of COVID is disingenuous.  What does your Accountant advise in that regard?

I remain intrigued to know what your widgets are.

strandedwonderer

why dont i need a grant like seis ?? I currently have no stock probably for the next 2 maybe 3 months...... seis is for people to do as they wish with right ? like work related stuff... normal living costs....etc ????  its there to help

poppy12345

strandedwonderer said:

why dont i need a grant like seis ?? I currently have no stock probably for the next 2 maybe 3 months...... seis is for people to do as they wish with right ? like work related stuff... normal living costs....etc ????  its there to help

Yes, for those that have been adversely affected by Covid. Your business has boomed, although because of new stock but still boomed. I'm with Grumpy Chap on this.

strandedwonderer

but for the next 3 months, I have no income, no proffit,,, there fore being adversly affected right ? no income,,,, plus living expenses...= bad times!!

strandedwonderer

plus i wouldnt have boomed,,,,as that word keeps being mentioned,,,, if the grants wasnt in place in the first place... they have been invaluable help during this rotten time

poppy12345

How can you predict the future? and besides the criteria for the 4th SEISS hasn't been announced yet.

strandedwonderer

no ones predicting the future here,,,, but because of my current situation,,,,Im pretty sure ill be able to cash in and get the generous help thats offered on the 4th seis grant!! and pay my mortgage, and by food and equally NEW STOCK!!! that what its for!!!

BabyStepper

If your business was profitable before the pandemic, and you were able to take enough of a wage, how come it's not profitable now? With extra sales? When you sold all of your stock within the first 2 weeks of the pandemic, did you not make enough profit to buy more?

This really makes no sense. SEISS is not there to ease your cashflow. I fear that if some people misuse the grant then it will be stopped, and those of us who actually need it because our work has halved will also miss out. You should pay it back. Soon. And don't apply again. 

mags21

If you have claimed legitimately within the guidance I’m sure you have nothing to worry about. I have claimed the first 2 SEISS grants but do not qualify for the 3rd. As these grants are public money I welcome any scrutinising of the payments.

The National Audit Office have done a report on the schemes, read or scroll to page 44 to begin reading about fraud and error.

https://www.nao.org.uk/wp-content/uploads/2020/07/Implementing-employment-support-schemes-in-response-to-the-COVID-19-pandemic.pdf
This from page 59: 

Post‐payment compliance

3.29 HMRC has set out how it intends to deal with potential non-compliance post-payment. For CJRS, it has set up an approach which gives it multiple opportunities to recover overpayments (Figure 19). HMRC has already made three arrests in relation to suspected CJRS fraud. For SEISS, work commenced in October 2020 targeting the highest risk areas using a similar campaign approach to CJRS. Further SEISS risks will be considered as part of the compliance checks on the 2020-21 Self Assessment tax returns that will be due by January 2022.