Insights
Insights, News 06.4.21 Author: Martina Fitzgerald

Fourth Self Employed Income Support Scheme (SEISS) Grant

Insights, News 06.04.2021 Author: Martina Fitzgerald

Fourth Grant: HMRC are intending to contact eligible individuals in mid-April to provide details of your personal claim date for the fourth Self Employed Income Support Scheme (SEISS) grant.

It is expected that the application process will commence in late April to the end of May 2021. The fourth grant will provide a taxable grant calculated at 80% of three months’ average trading profits. Average trading profit is over four years 2016/17 to 2019/20 where available. It will cover the period February to April 2021. The grant will be paid as a single instalment and capped at £7,500 in total.

What you will need to make a claim

You will need the following information to be able to make a claim:

  • Your unique tax reference number (UTR)
  • National Insurance Number
  • Government Gateway user ID and password
  • Bank account and sort code

If you do not have a Government Gateway account, you should obtain one now.  You will need the following information:

  • A valid email address
  • UK mobile phone number
  • National Insurance number
  • Date of birth

and at least one of the following:

  • A valid UK passport, passport number and expiry date
  • If applicable a P60 or details of the National Insurance Contributions you have made in the last tax year ended 5 April 2020

Making a claim

You can make a claim from the date you have been given by HMRC on their website. Once you are able to make a claim you will require the following:

  • Your unique tax reference number (UTR)
  • National Insurance Number
  • Government Gateway account ID
  • Bank account and sort code to where grant will be paid
  • You will need to make a declaration that your business has been adversely impacted by Covid 19

After you have made the claim

Your claim should be approved online by HMRC immediately and payment should be in your bank account within five to six days of making the claim.  You must keep a note of the following:

  • The amount claimed
  • The claim reference number
  • Evidence that your business has been adversely impacted by Covid 19 (bank statements, evidence of contracts being cancelled or put on hold etc)
  • The grant is taxable and will need to be reported on your tax return for the year ending 5 April 2022

If you do not qualify for the grant

If you are advised by HMRC that you are not eligible for the SEISS, this may be because:

  • Your trading profits are over £350,000 per year
  • Your trading profits are less than your non-trading income
  • You submitted your tax return for 5 April 2020 after 3 March 2021

Please contact our tax team if you have any questions regarding SEISS or any other issues.