HMRC publishes details of final grants for self-employed

HMRC has published details of the eligibility criteria of the final two grants available under the corona virus (Covid-19) Self –employment income support scheme (SEISS)

At the 2021 Budget it was confirmed that the fourth SEISS grant will be set at 80% of three months’ average trading profits, paid out in a single installment, capped at £7.500. It will cover the period from February to April 2021.

To be eligible for the fourth grant you must be a self-employed individual or a member of a partnership, also they must have filled their 2019/20 tax return by midnight on 2 march 2021, this includes those who became self-employed in 2019/20.

To allow us to process recently submitted 2019 to 2020 Self-assessment tax returns, the online claims service for the fourth grant will be available form 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.

The remaining eligibility criteria are unchanged so applicants, must be either currently trading but impacted by reduced demand, or be temporarily unable to trade due to Covid-19. They must also declare an intention to continue trading.

The fifth SEISS grant will cover the period from May to September 2021 and will be available from July.

It will be set at 80% of three months` average trading profits, capped at £2,850 for those with a turnover reduction of less than 30%

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 the fifth grant will be determined by how much your turnover has been reduced in the year April 2020 to April 2021.

The fifth grant will be worth:

  • 80% of 3 months` average trading profits, capped at £7.500,for those with a turnover reduction of 30% or more
  • 30% of 3 months` average trading profits , capped at £2,850, for those with a turnover reduction of less than 30%

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