SEISS, the Self-Employment Income Support Scheme, was launched in 2020 by Rishi Sunak as the Chancellor took action to support the self-employed as coronavirus continued to be a problem. Since originally launched, the scheme has been extended a number of times and as it stands, third and fourth sets of grants can be applied for through to the middle of 2021.
While it has not yet been revealed when the fourth sets of grants will become available for applications, third grants must be applied for by tonight, as HMRC detailed today through their official twitter account: “IMPORTANT! It’s your last day to apply for the third grant under the Self-Employment Income Support Scheme.
“Check if you’re eligible, then claim before midnight.”
In order to be eligible for the third grant, claimants must be a self-employed individual or a member of a partnership.
People will not be eligible if they trade through a limited company or trust.
Additionally, claimants must have traded in the 2018 to 2019 tax year and submitted their Self Assessment tax return on or before April 23, 2020 for that year.
As a result of this, a “Targeted Income Grant Scheme” (TIGS) has been proposed and presented to the state, which aims to provide support to workers who have been excluded from SEISS.
Rishi Sunak recently confirmed the treasury is considering the scheme and Liron Smadja, a Director at Fiverr, commented on the current state of affairs: “The Government’s extension of the SEISS is encouraging for Britain’s army of self-employed entrepreneurs – but there are some serious issues in the way it’s been targeted.
“The continual mounting issue of SEISS eligibility has left thousands of self-employed workers unable to access Government support – and with the deadline for the third set of payments rapidly approaching, it’s crucial that this issue is addressed.
“The fourth grant should be an opportunity for the Chancellor to solve this crisis and acknowledge that serious consideration needs to be given to this crucial sector of the economy.
“We, therefore, encourage the Government to progress with the proposed ‘Targeted Income Grant Scheme’ to support those who have been self-employed since April 2019.”
Thus far, the Government has remained tight lipped on what may or may not be coming down the line.
They’ve repeatedly detailed no announcements will be made before the budget.
Rishi Sunak’s next budget will be delivered on March 3 and it was confirmed it will be setting out: “the next phase of the plan to tackle the virus and protect jobs and will be published alongside the latest forecasts from the Office for Budget Responsibility (OBR).”
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