Martin Lewis grills Rishi Sunak over SEISS timetable
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In the Budget earlier this month, Chancellor Rishi Sunak announced further details about the Self-Employment Income Support Scheme this year. As well as confirming how much the fourth SEISS grant will be worth, Mr Sunak also announced there will be a fifth SEISS grant available later in 2021. Read on to find out more about the fourth and fifth SEISS grants.
When will the fourth grant open for applications?
SEISS grant four will open to applications from late April 2021.
The grant will be worth 80 percent of average monthly trading profits, capped at £7,500.
Personal claim dates will be issued to people who are eligible in mid-April.
To apply for SEISS grant four, claimants must be self-employed individuals or members of partnerships.
The claimant must also have trading profits of no more than £50,000 and their profits must be at least equal to their non-trading income.
The claimant must have traded in the 2020/2021 tax year and the 2019/2020 tax year.
A tax return must have been submitted by March 2, 2021, for the 2019/2020 tax year.
Further details on eligibility can be found on the Government’s dedicated SEISS web page.
How will HMRC calculate the fifth grant?
The amount of the fifth SEISS grant will differ depending on an individual’s circumstances.
HMRC will take into account how a claimant’s turnover has been affected when deciding how much they will receive from SEISS grant five.
The SEISS guidance on the Government website states: “The amount of the fifth grant will be determined by how much your turnover has been reduced in the year April 2020 to April 2021.”
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The fifth grant will be worth 80 percent of average monthly trading profits, capped at £7,500, if the claimant has a turnover reduction of 30 percent or more.
Claimants who have a turnover reduction of less than 30 percent can still receive a SEISS grant.
However, the grant will be reduced to 30 percent of average monthly trading profits, capped at £2,850.
The fifth SEISS grant covers the period of May to September 2021, however it is worth noting only three month’s worth of trading profits will be paid out.
When can you claim the fifth SEISS grant?
The fifth SEISS grant will open for applications from late July.
Few details have been released about the scheme’s fifth grant yet, however, the process of applying for SEISS grant five is likely to be similar to the previous grants.
Eligible claimants will likely receive a personal claim date to apply for SEISS from.
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