The UK Government has announced that the Self-Employment Income Support Scheme (SEISS) will continue until September 2021 with a fourth and fifth self-employment grant. Eligible customers will be contacted in mid-April to tell them how they can claim.
These grants are based on 2019-2020 tax returns and will also be open to those who have just become self-employed in the last tax year, meaning more customers may be able to claim, even if they were not eligible for previous grants. The 2019-20 Self Assessment tax return should be filled to qualify.
Fourth SEISS grant
According to HMRC: “The UK Government will pay a taxable grant which is calculated based on 80% of three months’ average trading profits, paid out in a single payment and capped at £7,500 in total. The value of the grant is based on an average of your trading profits for up to four tax years between 2016 to 2020, where available”.
If you experienced a ‘significant financial impact from coronavirus between February 2021 and April 2021’, you’ll be eligible for the grant. Claims for the fourth SEISS grant must be made by 31 May 2021.
There would also be a fifth grant, which is expecting to be final one and will cover May – September 2021, which you will be able to claim from late July. Its amount will be decided by how much your turnover has been reduced. The grant will be worth 80% of three months’ average trading profits. Further details will be provided on the fifth grant in due course.
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