The 5th SEISS ( Self Employed Support Grant) will be open for applications late in July 2021 , HMRC will be publishing details guidance at the end of June 2021. The amount of the grant will depend of whether sales have reduced by 30% but the full details of this will be updated at the end of June, if you have submitted your 2021 tax return HMRC will use this and notify you of your eligibility for the 5th grant
You can now apply for the 4th Self Employed Support Grant ( SEISS) here To be eligible for the fourth grant :- You must be a self-employed individual or a member of a partnership. You must have traded in both tax years: 2019 to 2020 and submitted your tax return on or before 2 March 2021 2020 to 2021 You must either: be currently trading but are impacted by reduced demand because of coronavirus have been trading but are temporarily unable to
You might be able to get a Test and Trace Support Payment, New Style Employment and Support Allowance (ESA), Universal Credit or Pension Credit. Test and Trace Support Payment Your local council might be able to give you £500 if: you’ve been told to self-isolate you live in England you’re on a low income you cannot work from home and will lose income as a result Find out more or apply for a Test and Trace Support Payment. New Style
Tax treatment of SEISS grants If you received any or all of the first, second or third SEISS grants, you will need to include these in your self-assessment return for the tax year 2020/21, which you have to submit by 31 January 2022. The grants are liable to income tax and class 4 national insurance but they are entered in a separate box on your tax return and NOT included in your self employed accounts If you receive the fourth
The Self-Employment Income Support Scheme (SEISS) will continue until September with a 4th and 5th grant. The 4th and 5th grants will take into account submitted 2019/20 tax returns which good news for those who missed out on the first 3 grants 4th SEISS grant This is calculated based on 80% of three months’ average trading profits, paid out in a single payment and capped at £7,500 in total. The value of the grant is based on average profits for 2016/17
Sasha Owen
BSc FCA
Chartered Accountant
