The Self-Employment Income Support Scheme (SEISS) has been extended

The Government announced in the Spring Budget 2021 that the Self-Employment Income Support Scheme (SEISS) grant has been extended until September 2021.

There will be a fourth grant, running from February to April and then a fifth and final grant, details of which have yet to be fully announced, but there will be additional eligibility criteria based on turnover.

The fourth SEISS grant will now be open to taxpayers who became newly self-employed in 2019/20 and were previously excluded from claiming.

New rules mean that those who completed tax returns for the 2019-2020 financial year will qualify, provided they filed their return by midnight on 2 March 2021.

HMRC are due to write to 100,000 individuals who became newly self-employed in the tax year 2019/2020 to complete pre-verification checks prior to applying for the fourth grant, read more here.

To claim the fourth grant, you need to be either currently trading but suffering reduced demand because of coronavirus, or temporarily unable to trade because of coronavirus.

In addition, you must:

– have traded in tax years 2019/20 and 2020/21 (and submitted your 2019/20 tax return by 2 March);

– declare that you intend to continue to trade and that you ‘reasonably believe’ there’ll be a significant reduction in your trading profits; and

– have trading profits of less than £50,000 a year.

The fourth grant will provide a taxable grant calculated at 80% of three months average trading profits.  It will be paid out as a single instalment and capped at £7,500.

For more information on the extension of the SEISS scheme, click here.

 

Get in touch

For advice and support in claiming the fourth SEISS grant, or any other SEISS related queries, please speak to your usual PM+M adviser or email us at enquiries@pmm.co.uk.

 

 

This information is correct as of 15 March 2021. This blog is for general guidance only. Recipients should not act upon any of the information provided without seeking specific professional advice tailored to your circumstances, requirements or needs. Please contact PM+M before making any decisions based on any matters relating to this blog.

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