Chancellor Rishi Sunak confirmed, in last week’s Budget announcement, further details for the fourth Self-Employment Income Support Scheme (SEISS) grant. The grant will allow those who are self-employed, whose business and income has been effected by the coronavirus pandemic, to claim support from the government.
The fourth SEISS grant will be available to claim through the government website from late April until 31st May 2021. The grant will cover February, March and April. The grant will be set at 80% of three months’ average trading profits, capped at £7,500 in total.
To claim the fourth grant, self-employed workers must have submitted their 2019/20 tax return by 2nd March 2021. HMRC will be getting in touch with those who are eligible in mid-April to inform self-employed workers of their personal claim date.
The government further announced a fifth and final SEISS grant which will cover May to September. The amount available to claim in the fifth grant will be determined by how much a self-employed worker’s turnover has been reduced between April 2020 and April 2021.
The fifth grant will be worth:
- 80% of three months’ average trading profits, capped at £7,500, for those with a reduced turnover of 30% or more
- 30% of three months’ average trading profits, capped at £2,850, for those with a reduced trading profit of less than 30%
Further details on the fifth grant will be published by HMRC in due course.