If you are self-employed or a member of a partnership that has had a downturn in trade because of coronavirus, you may be eligible in the fourth round of grant funding through the Self-Employment Income Support Scheme (SEISS).
The Government website has published guidance on the fourth SEISS grant which covers from February 1, 2021 to April 30, 2021. The fourth grant will take into account 2019 to 2020 tax returns and includes those who became self-employed in tax year 2019 to 2020. The rest of the eligibility criteria remain unchanged from the earlier grant schemes.
Who can apply?
You must be a self-employed individual or a member of a partnership. You cannot claim the grant if you trade through a limited company or a trust. You must have traded in tax years 2019/2020 and 2020/2021 and submitted a tax return on or before 2 March 2021
You must either:
- be currently trading but have seen a downturn due to coronavirus
- have been trading but are currently unable to do so due to coronavirus
You must also declare that you:
- intend to continue to trade
- reasonably believe there will be a significant reduction in your trading profits
How much is available
The fourth grant is calculated at 80% of 3 months’ average trading profits. It will be paid out in a single instalment and capped at £7,500 in total (£2,500 a month). How much you receive will depend on your average trading profits.
HMRC calculates average trading profits using up to 4 years’ of submitted tax returns if they’re available.
How to claim
The online service for the fourth grant will be available from late April 2021.
HMRC will contact you direct in mid-April to give you a date that you can make your claim from. It will be given to you either by email, letter or within the online service.
You can check a list of genuine HMRC contacts if you receive any suspicious texts, calls or emails claiming to be from HMRC as this may be a scam.
There will be a fifth grant covering May 2021 to September 2021
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