The Chancellor has announced further support for the Self-Employed, by making a fourth and fifth grant available under the Self-Employment Income Support Scheme (SEISS).
The fourth grant, covering the period February to April 2021 will be worth 80% of average profits up to a maximum of £7,500. However, the full 80% grant will only be available to those whose turnover has fallen by at least 30%. The grant will be reduced to 30% of average profits for those whose turnover has fallen by less than 30%. A fifth grant will be available from May 2021, however full details of this have not yet been announced.
Unlike the previous three grants, the fourth and fifth grants will be available to Self-Employed individuals who began trading in 2019-20, providing they submitted a Self-Assessment Tax Return for that year. This is expected to provide welcome support to a further 600,000 Self-Employed individuals who were ineligible to claim the previous three grants.
Fourth grant now available
The online service for applications for the fourth grant is now open. Claims for this grant must be submitted by 1 June 2021. If you think you are eligible for the grant please visit the government website here:
How can we help?
Hawsons has a dedicated team of highly qualified and experienced personal tax accountants who provide personal tax compliance services and advice from our offices in Sheffield, Doncaster, and Northampton.
Free initial meeting
Senior Tax Manager, Sheffield