Seiss grant as income

ACG

K_S said:

ACG said:

The 4th grant (here) says:

You must also declare that:

• you intend to continue to trade
• you reasonably believe there will be a significant reduction in your trading profits due to reduced business activity, capacity, demand or inability to trade due to coronavirus

It is obviously down to you and the lender. But in the industry we work in I would not be submitting a case where the customer is saying they believe there will be a significant reduction in profits. Significant is open to interpretation, but that is not a complaint I would want to defend. 

@ACG It's the same statement for SEISS 3 as well. I ha this exact question and queried about how much digging into SEISS I need to do with my compliance. They said we aren't accountants or tax-advisers so we can't judge whether the applicant was eligible for SEISS or not. He said as long as we make sure that we've done our due diligence on the business income side (that it's healthy and sustainable) and documented it, it's fine. All this on email too

But I appreciate you probably work with a different set of clients and compliance framework.

I am DA so generally make up my own rules. But I suppose that is why I am more cautious with this sort of thing, I dont have a network to take the stress away if a complaint ever comes in.