For all those self -employed readers it might be helpful to know that the UK Government has announced its Self-employment Income Support Scheme (SEISS) will continue until September 2021.
This will be in the form of a fourth and a fifth grant and those previously ineligible may now be able to claim. This is because these next two grants will take into account tax returns from 2019 to 2020 and additionally will be available to those who became self-employed in the 2019 – 2020 tax year. In order to qualify you must have filed your 2019 – 2020 self assessment tax return by the 2nd of March 2021.
The fourth grant will pay a taxable grant which is calculated based on 80% of three months’ average trading profits. This will be paid out in a single payment that is capped at £7,500 in total. It is based on the average of your trading profits for up to four years between 2016 and 2020. Eligibility will depend on whether you experienced a significant financial impact from coronavirus between February 2021 and April 2021
HMRC will contact those you may be eligible from mid -April telling you how you can claim. You will be provided with a personal claim date which is the earliest date you can submit a claim for this fourth grant and all claims must be made by 31 May 2021. In addition the fifth SEISS grant will cover the periods between May and September and claims will be available to be made in July 2021 if eligible. Further details on the fifth grant will be made available in due course. If you think you may be eligible to apply, require further information or need clarification on anything then visit GOV.UK and search ‘Self – Employment Income Support Scheme’ or follow the link here.