Applications to the long-awaited Self-employment Income Support Scheme (SEISS) opened last week. This is the government’s fourth grant that gives financial support to self-employed workers who have been impacted by Covid-19.

This SEISS grant covers the time period from 1st February 2021 – 30th April 2021, and the deadline is the 1st June, so I’d recommend getting your application in as soon as you can.

In order to claim the fourth grant, you must reasonably believe that your business will face a significant reduction in trading revenues or demand due to coronavirus between 1st February 2021 and 30th April 2021.I would recommend that anyone looking to claim through this grant provide clear evidence that shows how your business has been impacted by the Covid-19 pandemic, resulting in fewer business activities and revenue than normally forecast.

One thing to bear in mind during your eligibility decision-making is that you do not need to consider any other coronavirus scheme support payments that you have received during the past 12 months. This grant stands alone.

One note I would recommend to my clients is to only make a claim once you are sure, and have proof of your business being heavily impacted by the pandemic.

How much financial support you could be eligible for?

This SEISS grant is calculated at 80% of the 3 months average trading profits. It will be paid out in one single instalment and will be capped at £7,500 per business.
Your average trading profits will be calculated by looking at your previous tax returns from the 2016/17 to 2019/20 tax years.
If you have a gap in tax returns during this period don’t worry, HMRC will use your most recent returns to calculate your grant amount.

What you’ll need to make your claim

Making a claim is easy, giving you have met all of the eligibility criteria.

All you’ll need is:

How to make a claim

Once you have decided to make a claim, gathered your proof, and have all your documents together, making the actual claim is very easy. The best way is to head directly to the government website at https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme
The SEISS grants are subject to Income Tax and self-employed National Insurance Contributions, meaning that they must be reported on your 2021 to 2022 Self Assessment tax return.