Applications for latest small business grant to open
Applications for the latest Self-Employment Income Support Scheme (SEISS) are due to open later this month, which could offer small business owners grants of up to £7,500 to cover loss of income due to COVID-19 restrictions from 1st February to 30th April 2021.
The scheme has been expanded to cover the self-employed who have submitted their 2019/20 tax returns who were excluded from the previous SEISS grants. If this is you, however, you are not able to backdate claims for the first three SEISS grants issued last year.
The SEISS fourth grant is worth up to of 80% of three months of average trading profits up to a maximum of £7,500. This grant is calculated by HMRC based on tax returns from the years 2016/17, 2017/18, 2018/19 and 2019/20.
HMRC will contact you if you are eligible to claim, under the following criteria:
- You must have filed a 2019/20 tax return by 2nd March at 11.59pm
- You must have traded in tax years 2019/20 and 2020/21
- You must and intend to continue to trade
- Your business must have been impacted by COVID-19 which you believe will cause a "significant reduction" in trading profits – you can have kept working though
- You must earn at least 50% of your total income from self-employment
- Your average trading profit must be £50,000 a year or less.
You do not need to have applied or received a grant from the Self-Employment Income Support Scheme to qualify for this one.
HMRC are staggering applications for the latest Self-Employment Income Support Scheme, and if you eligible you will be contacted by post, email or text by the end of April.
HMRC are also set to introduce a fifth Self-Employment Income Support Scheme to cover the months of May 2021 to September 2021, with guidance on how to claim provided in due course.
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