SEISS - Self Employment Income Support Scheme - 4th Grant

HMRC have recently published details of the fourth self employment income scheme grant.


Please see the details clearly listed below.


Eligibility

To be eligible for the fourth grant you must be a self-employed individual or a member of a partnership.


It will be calculated based on your 2019/20 Self Assessment tax return.


Your trading profits must be no more than £50,000 and at least equal to your non-trading income.


You must have traded in both tax years: · 2019/20 and submitted your tax return by 2 March 2021 · 2020/21


You must either: · be currently trading but are impacted by reduced demand due to coronavirus · have been trading but are temporarily unable to do so due to coronavirus

You must also declare that: · you intend to continue to trade · you reasonably believe there will be a significant reduction in your trading profits due to reduced business activity, capacity, demand or inability to trade due to coronavirus.


The grant will provide a taxable income calculated at 80% of 3 months’ average trading profits. The fourth grant will be paid out in a single instalment and capped at £7,500 in total.


The fourth grant will be available from late April 2021 until 31 May 2021

If you are eligible, HMRC will contact you in mid-April to give you your personal claim date. This will be the date that you can make your claim from. There will be more guidance about the fourth grant in due course.

The UK government has also announced that there will be a fifth and final grant covering May to September.

You will be able to claim from late July if you are eligible for the fifth grant. The amount of the fifth grant will be determined by how much your turnover has been reduced in the year April 2020 to April 2021.


To discuss this further please do not hesitate to get in touch.

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