The opening of the claims portal has come a bit later than many had hoped for, but HMRC has given each potential claimant their own personal claim date between the 22nd and the 29th of April 2021.
"This allows HMRC to manage demand for the 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.
Until next time ...
ROGER EDDOWES Business Godparent
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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