News

Self-Employment Income Support Scheme (SEISS)

Covering the period 1 February 2021 to 30 April 2021, the fourth grant will be available from late April 2021. Claims must be made on or before 1 June 2021.

HMRC will, in mid-April, contact taxpayers who, based on their tax returns, are eligible. Taxpayers will need to confirm that they meet the other criteria.

The amount received is 80% of 3 months’ average trading profits, paid out in a single instalment, capped at £7,500. This is based on the trading profits in the 2016/17, 2017/18, 2018/19 and 2019/20 tax years.

The grant is subject to Income Tax and self-employed National Insurance Contributions and must be reported on the 2021 to 2022 Self Assessment tax return. The grant also counts towards the annual allowance for pension contributions.

Thursday, 15th April, 2021