SEISS, or the Self-Employment Income Support Scheme as it is formally known, has provided support to millions of eligible Britons throughout the pandemic. While the scheme was originally scheduled to end much earlier, the Government announced further aid as the impacts of the pandemic continued to be felt. A fifth and “final” grant is to be made available to the self-employed to cover May 2021 to September 2021.
Those who aren’t eligible based on this specific tax return can also have previous years considered.
There are certain things a person will need to declare before the Government can decide if they can make a claim.
Firstly, declaring that one intends to continue to trade is an important pre-requisite for this grant.
However, a person should also state whether they “reasonably believe” there will be a significant reduction in their trading profits.
This must be attributable to reduced business activity, capacity, demand or the inability to trade between May and September 2021.
HMRC, though, will not just take Britons at their word, and instead they must provide evidence to support this.
The Revenue states it expects self-employed people to make an honest assessment about whether they believe their business will have a significant profit reduction.
When it comes to the fifth grant, there are slight differences which the Chancellor Rishi Sunak announced within his Budget in March.
Of particular note is that the amount Britons receive will be based on how much their turnover has reduced in the April 2020 to April 2021 year.
If there was a turnover reduction of 30 percent or more, then people will get 80 percent of three months’ average trading profits up to £7,500.
However, for those who had a turnover reduction of less than 30 percent, the support available will be less than previously.
These individuals can expect to receive 30 percent of three months’ average trading profits up to a value of £2,850.
The Chancellor commented on the matter, saying: “It is fair to target our support towards those who have been most affected by the pandemic.”
Britons are being urged to look out for further information and updates as it relates to the self-employment grant.
This is because the Government has said guidance on claiming the grant is to be made available by the end of June 2021.
Those who are eligible can expect to receive correspondence from mid-July, informing them of a date they can claim from.