The 4th SEISS grant can be claimed from this week, and HMRC has contacted those individuals who are potentially eligible to claim the fourth Self-Employment Income Support Scheme grant ...
The portal remains open until the 1st of June 2021, and those who believe they can claim, but have not been contacted should wait until the 30th of April before getting in touch with the SEISS helpline.
Taxpayers who wish to claim must confirm that:
- they have traded in the 2019/20 and 2020/21 tax years
- are currently trading, but impacted by reduced demand due to coronavirus
- are trading, but temporarily unable to do so due to the pandemic
- intend to continue trading
- and believe there will be a continued significant reduction in their trading profit
The delay in opening the claims portal is because of the need to include the 2019/20 self-assessment tax return into its calculations, so the base years are now the four tax years from 2016/17 until 2019/20. Up to 600,000 additional taxpayers are now entitled to the 4th SEISS grant.
However, including the 2019/20 data means that a small number of taxpayers who have previously claimed are now no longer eligible. HMRC has contacted these individuals to explain why.
Like grants one, two and three, the 4th SEISS grant is 80% of three months' trading profits, capped at £7,500. Most taxpayers will now find that the grant they receive will be different from previous ones due to changes in the base years.
I'm pleased that the Government is supporting the self-employed with this 4th SEISS grant. Make sure you claim on the right day.
If you feel inspired to find out more about anything I've said here, do call me on 01908 774320 or leave a comment below and I'll be in touch as soon as I can.