Everything the self-employed need to know on the fourth SEISS grant…
What is SEISS?
The SEISS is a government subsidised scheme that provides funding to those who are self-employed. This means it works in the same way as CJRS for employed people, with the difference being that this program includes self-employed tradespeople, entrepreneurs and freelancers too.
While you’ll still owe Income Tax and National Insurance on any money you get through the SEISS, it’s a grant rather than a loan. That means you won’t need to pay it back.
When is the next round?
The fourth round is due to go live later this month and covers the period the 1st of February, 2021 through to the 30th of April, 2021.
The significance of this fourth grant is that it covers self-employment that started in the 19/20 tax year. You must have filed your tax return by the 3rd of March 21 to be eligible for this fourth grant.
There are a couple of criteria that you must satisfy essentially, you declare them to say that you have been affected by the Coronavirus.
The first one is that you traded through, that you’re trading in 2021, and you continue to trade into 21/22 tax year.
You must be:
– Trading in 2021
– And continue to trade into the 2021/22 tax year
The second criteria is that you reasonably believe there will be significant reduction in your trading profits due to reduced self-employment income.
That’s reduced in business activity, capacity, demand or an inability to trade due to the Coronavirus. So, if you were forced to shut.
– Believe there will be a significant reduction in profits
– Reduced business
– Or unable to trade
This is quite a key declaration here. So, think about your business, think about how it’s been impacted.
If you need to talk to us to kind of ascertain whether you think it’s been significantly impacted then get in touch, but ultimately if you’ve been forced to close, it’s more than likely that you will be eligible for this grant.
If you have any questions, contact us here.