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.