Self-Employed Prepare to Apply for Fourth SEISS Government Grant

The SEISS – the self-employment income support scheme – is a government grant to help sole traders get through the coronavirus crisis and the fourth grant is available this month

by
Matthew Larcome
in
Business
published on
December 29, 2023
Average Read Time
2-3 Minutes
Rishi Sunak, Chancellor of the Exchequer

We’re a nation of sole-trading entrepreneurs with more than five million Brits running their own self-employed businesses. But the coronavirus crisis arguably hit self-employed traders the hardest with many having no option but to stop work or find employment elsewhere.

When Chancellor Rishi Sunak announced the SEISS scheme in the spring of 2020, relief spread among the self-employed. But there was also anger: many self-employed people were excluded because they had only just started or had not yet filed a tax return.

Since the SEISS scheme began there have been three grants and a fourth will be open to apply for at the end of April.

But what are the criteria and how do you apply?

Thankfully many people who were excluded from earlier grants may now be able to apply.

If you are eligible for the scheme, the government has said they will contact you, giving you a date for you to apply either via email or post.

Rishi Sunak

This fourth grant will cover the period from February to April 2021 and is based on 80 percent of three months’ average trading profits. There is a cap at £7500 total for the three months.

In order to apply you must have submitted a 2019-20 tax return by the 3rd of March 2021 and you must make an honest assessment about whether you ‘reasonably believe’ your business will have had a significant reduction in profits for that accounting period.

Visit this link for more information:

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

The online service to claim the fourth grant will be available from late April 2021.

If you’re eligible, HMRC will contact you by email, letter or within the online service this month to give you a date that you can make your claim from.

You must make your claim on or before 1 June 2021.

Published on

December 29, 2023

by

Matthew Larcome

| Last updated on:

December 29, 2023