Fourth grant for self-employed will start at the end of April 2021, the exact date will be announced soon.
Good news for people who did not quallfied for SEISS so far!!!
If you started your seld-employment after March 2019 or you were not entitled to the grant because for example you sent your self asses emtn too late this time you CAN apply for the grant.
1. Who can claim
To be eligible for the grant extension self-employed individuals, including members of partnerships, must:
- currently be eligible for the Self-Employment Income Support Scheme SEISS (although they do not have to have claimed the previous grants)
- declare that they are currently actively trading and intend to continue to trade
- declare that they are impacted by reduced demand due to corona virus in the qualifying period
Do I have to declare grant as an income?
Grant has to be declared as income and can be subject to tax and NI contributions.
As previously grant will be based on profit declared in the previous three tax years
Again, if the person does not have 3 years of self assesment, grant will be based on the assesment sent to HMRC for the one or two last years.
Who qualifies?
Self-employed whos profit was less than £50,000 and at least half of the income came from self-employment.
HMRC will contact people who qualify in mid-April or you can check if you have a right to the grant via your Gateway.
Need help?
Need an accountant? Call me now!
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