Chancellor Rishi Sunak announced during the Budget the next round of Self-Employed Income Support will go on until the end of September. The fourth grant is covering February to April, while the fifth grant will cover workers for the period of May until July. The fifth grant is expected to open to applications at some point this summer. In good news to the self-employed, Mr Sunak said more than 600,000 people will be eligible to apply for both of the grants.
Addressing the House of Commons on Budget day, Mr Sunak said: “When the scheme was launched, the newly self-employed couldn’t qualify because they hadn’t all filed a 2019/2020 tax return.
“But as the tax return deadline has now passed, I can announce today that, provided they filed a tax return by midnight last night, over 600,000 more people, many of whom only became self-employed last year, can now claim the fourth and fifth grants.”
The Job Retention Scheme, also known as furlough, has also been extended alongside its self-employed counterpart.
Furlough will too extend until the end of September, with Government support waning through the months leading up.
Who can claim the next SEISS grant?
To make a claim for the fourth SEISS grant, you must have proven you’ve incurred an economic loss from the COVID-19 pandemic.
This economic loss will have had to cause a significant reduction to your normal trading profits.
Traders who are continuing to trade but who face restrictions which impact their profit making, or who are unable to trade, are eligible to apply.
An extra 600,000 people are expected to become eligible for this next grant as the Government are now allowing workers to submit 2019/2020 and 2020/2021 tax returns.
When is 4th SEISS grant available to claim?
Applications aren’t yet open for the next grant.
The Government is likely to announce when you can apply in the next few days, with further details on how to claim the fifth in June or July.
Applications for the fourth grant are expected to open from April 2021.
This goes without saying, but you need to be a self-employed individual or member of a partnership to claim the money.
You cannot claim the grant if you’re self-employed but trade through a limited company or a trust.
To apply for the scheme, you will need:
- Self-Assessment Unique Taxpayer Reference number (UTR)
- National Insurance number
- Government Gateway user ID and password
- UK bank details including account number, sort code, name on the account and address linked to the account
- Only provide bank details where a BACS transfer payment can be accepted
You may also need to answer questions about your passport, driving licence or information on your credit report.
Claims must be made for yourself by you, and a tax agent or adviser cannot make the claim on your behalf as this will trigger a fraud alert and delay your payment.