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The HMRC is inviting online applications for the fourth SEISS grant that will cover the three-month period from the start of February until the end of April.
The self-employed that have been affected by the pandemic can now apply for the fourth SEISS grant, after the scheme kicked off in May 2020 to cushion the blow of COVID-19 on business.
The fourth SEISS grant will cover the three-month period from the start of February until the end of April.
To be considered eligible, the self-employed are required to have filed a 2019–20 tax return before 2 March, earned most of their income though trading, and have average trading profits of less than £50,000.
The successful claimants will receive 80 per cent cover of three months’ average trading profits and be paid as a single, taxable instalment that is capped at a total of £7,500.
“We’ll work out your average trading profits using up to four years of submitted tax returns. This may affect the amount you’ll get which could be higher or lower than your previous grants,” the HMRC confirmed.
The tax authority also confirmed that it does not require that an earlier SEISS grant has been claimed in order to be able to claim the upcoming fourth grant.
Who can claim
To be eligible for the fourth grant, the individual must be self-employed or a member of a partnership. They cannot claim the grant if they trade through a limited company or a trust.
They must have traded in both tax years:
They must either:
They must also declare that they:
To find out more about how to make a claim, click here.